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Dossier: Greek financial tragedy

Greece's financial woes has left the state on the verge of bankruptcy. Eurozone member states have now though agreed a massive bailout, with Germany providing the bulk of the rescue package.

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Greece's financial woes has left the state on the verge of bankruptcy. Eurozone member states have now though agreed a massive bailout, with Germany providing the bulk of the rescue package.

Yet other EU countries such as Spain and Portugal are facing a debt crisis of their own and have seen their credit rating downgraded.

Read on to find out how the crisis could engulf Europe and threaten the stability of the euro.

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Reports & Analysis

ONLINE 0705 Bundestag votes Greece bailout

englisch: ONLINE 0705 Bundestag votes Greece bailout - Produziert: 07.05.2010 - 18:49:43 von Hessler, Uwe

ONLINE 0405 Intv. Greek finances

englisch: ONLINE 0405 Intv. Greek finances - Produziert: 04.05.2010 - 19:03:40 von Lawton/Dietrich

A blurry EU symbol in front of the European Central Bank in Frankfur.

A blurry EU symbol in front of the European Central Bank in Frankfur.

Emergency measures

European Union leaders are working around the clock to create a new measure to defend the euro.

Chancellor Angela Merkel

Chancellor Angela Merkel

Greece deal

German parliament votes in favor of a multi-billion-euro aid deal for Greece.

ONLINE 0305 German cabinet on Greece

englisch: ONLINE 0305 German cabinet on Greece - Produziert: 03.05.2010 - 18:55:12 von Graupner

From right to left, the Greek, National Bank of Greece and European Union flags wave at the headquarters of the National Bank of Greece

From right to left, the Greek, National Bank of Greece and European Union flags wave at the headquarters of the National Bank of Greece

Greek debt crisis

The French parliament passes its part of an EU-IMF aid deal for Greece ahead of a vote in Germany.

Interview: Effect of Greek crisis on Euro

englisch: Interview: Effect of Greek crisis on Euro - Produziert: 29.04.2010 - 02:38:45 von Gustav Horn / Rick Demarest

Angela Merkel

Angela Merkel

Bailout fallout

German chancellor Merkel fails to win support from the opposition for the Greece bailout.

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The German government agrees to contribute 22 Billion euros to help bailout Greece

Here in Germany, politicians are continuing to hammer out details of the bail-out package for Greece. Finance minister Wolfgang Schäuble is reportedly meeting the heads of German banks on Tuesday to find out if they are prepared to provide emergency credit to Athens. The opposition in particular is keen that financial institutions should also contribute to the rescue package. Chancellor Angela Merkel's cabinet has approved lending almost 22 and half Billion euros to Greece over the next three years.

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Greece: Demonstrators storm the Athens Acropolis

Demonstrators stormed the Athens Acropolis on Tuesday and civil servants launched a walkout ahead of a general strike against massive austerity spending cuts. To qualify for the bailout, the Greek government agreed to make an additional 30 billion euros in spending cuts. But Athens faces stiff opposition from labor representatives. The Greek President warned government that the latest austerity package won't go over well with the general public unless more is done to crack down on corruption.

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The challenges facing the Greek economy are enornmous

Greece has long been one of the weakest economies in the Eurozone. In fact, for many years its problems were far worse than generally known. Athens reportedly submitted inaccurate deficit figures to Brussels - concealing the true level of its debt. Since the full scale of the financial crisis in Greece became apparent, concern has been growing that it could spread to other countries - and threaten the stability of the Euro. EU leaders are now hoping that the bailout package will stave off disaster. But as we hear in our next report, the challenges facing the Greek economy are enornmous.

Athens Acropolis with Greek flag

Athens Acropolis with Greek flag

Greek austerity plan

Athens passes an unprecedented austerity package to fight the country's crippling debt.

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