Originally published on Tue February 21, 2012 2:06 pm
Greece is looking more and more like one of those "troubled homeowners" we hear so much about.
It's underwater and struggling to cover debts worth far more than its gross domestic product. So nervous lenders are offering to write down some of those loans in hopes of sending Greece a lifeline and keeping Athens current on its payments.
In return, the country has agreed to put its balance sheet in order, a process that is going to be neither easy nor quick.
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