Summary Box: Greece scrambles as bankruptcy looms

Associated Press

Published: Tuesday, Feb. 7 2012 11:30 a.m. MST

Riot Police push back protestors who try to enter at the Parliament building at Athens' main Syntagma square, during a 24-hour strike on Tuesday, Feb. 7, 2012. A general strike against the impending cutbacks stopped train and ferry services nationwide, while many schools and banks were closed and state hospitals worked on skeleton staff.

Thanassis Stavrakis, Associated Press

THE HEAT IS ON: Pressure from home and abroad is intensifying on Greece's political leaders to decide on cutbacks to secure a bailout and avoid a potentially disastrous default. Meanwhile, a general strike against impending cutbacks stopped train and ferry services in Greece, and led to closings of many schools and banks.

THE ISSUE: Athens must placate its creditors to clinch a €130 billion ($170 billion) bailout deal from the eurozone and the International Monetary Fund and avoid a March default on its bond repayments.

THE RISKS: A disorderly bankruptcy by Greece would likely lead to its exit from the eurozone, a situation that European officials have insisted is impossible because it would hurt other weak countries like Portugal.

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