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At a glance
- November 2, 2011 - 8:57 PM
At a glance
Group of 20 meeting: Leaders of the Group of 20 major world economies, including President Obama, are meeting through Friday in Cannes, France, and the Greek debt crisis is at the top of their agenda.
Greek referendum: Greek Prime Minister George Papandreou faces a vote of confidence Friday in parliament, where he has a thin majority, over his decision to call a national referendum -- now set for Dec. 4 -- on a new European debt deal.
The debt agreement: The Oct. 27 bailout deal reached by eurozone leaders would require banks holding Greek government bonds to accept 50 percent losses, while the other eurozone nations and the International Monetary Fund would provide Greece with about $140 billion more in rescue loans. Greece has been relying on bailout loans since May 2010 to avoid bankruptcy. The loans are contingent on continued austerity measures by Greece, and new payments will not be made until the Greek referendum is held.
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