The Eurozone: Tough Talk and a 110 Billion Euro Bailout

The "culprit" of the dire economic circumstances in Europe is Greece, and the fear is that the country’s economic collapse will spread throughout Europe's fragile banking system and from there to the rest of the world. Austerity measures imposed by the International Monetary Fund (IMF) and European Union are likely to collapse Greece, but Germany and the rest of the eurozone hope that a 110 billion euro bailout will hold Greece together just long enough that it will no longer present a systemic risk to the rest of Europe.