EU, Banks Delay Greece Bailout

As Greece's debt continues to piling up, the head of the Institute of International Finance said the euro-zone and private-sector banks are at a stalemate over the country's bailout. "We're nowhere near a deal," he told the Associated Press on Saturday, adding that standing plans to cut Greece's debt would still leave it as "a ward of Europe" for years. He called for a different approach "that involves additional efforts from everyone." Euro-zone finance ministers almost persuaded banks to raise just over $140 billion to make sure they can cover further losses on their Greek bonds and other market turmoil, according to a European official. A new report suggests the value of Greek bonds may need to be decreased 60 percent. The Greek Parliament enacted a series of strict austerity measures on Thursday, which they hoped would help smooth relations with the EU and stave off bankruptcy.