By Mark Memmott

There's major financial news breaking in Europe this morning:

"Greek Prime Minister George Papandreou on Friday asked for the activation of an EU/IMF aid package aimed at pulling the euro zone member out of a debt crisis." (Reuters)

And that news, the Associated Press says, has European financial markets rallying.

As the BBC writes, "Greece is swamped by 300 billion euros (worth) of debt and needs to borrow about 54 billion euros this year alone."

Back in February, Financial Times reporter Stacy-Marie Ishmael told All Things Considered's Robert Siegel that two bad things would happen if Greece ever defaulted on all that debt: Trust in governments would be further eroded and "not only (would they) have breached the trust of the international community, but (they would be) putting financial institutions in, you know, themselves in danger.

categories: Economy, Foreign News

6:25 - April 23, 2010