Greece

With Greece entering its fifth year of recession and dealing with harsh austerity measures imposed as part of a eurozone bailout deal to save it from default, its society is in upheaval. Opinion polls suggest the old political system is collapsing, and extremist parties are gaining popularity ahead of spring elections.

At a recent protest in Athens, a large bronze bell tolled as thousands of policemen in full uniform marched solemnly through the streets. They ominously waved their handcuffs at Parliament, shouting, "Take your bailout plan and get out of here."

At the Museum of the Olympic Games in Olympia, Greece, lush pine trees and olive groves are filled with chirping birds. The one guard at the site looks nervously at the few visitors.

There is still a sense of shock in Olympia following the theft last month at the museum, when armed robbers broke into the building and tied up the single guard on duty.

Archaeologist Kostantinos Antonopoulos says they ran off with 77 priceless objects, including votive figurines, chariots and horses.

Stock prices rebounded somewhat Wednesday, one day after their biggest sell-off of the year. What caused prices to plunge Tuesday was an all-too-familiar problem: the Greek debt crisis.

European officials have cobbled together a deal to keep Greece from defaulting, and investors all over the world who hold Greek bonds are weighing their options. They're worried about what could happen if they reject the deal.

Bailout Talks Reopen Wounds In One Greek Village

Feb 21, 2012

Europe is still a continent that looks over its shoulder at a long and sometimes dark past. That extends even to the protracted Greek bailout negotiations, where Germany's dominant role has scratched at some historical wounds.

Germany occupied Greece during World War II, committing atrocities that some older Greeks can't forget. This history defines the pretty village of Distomo in central Greece, where Nazi soldiers killed 218 men, women and children in June 1944.

The European Union says Greece has made some progress, but not enough, to merit the new bailout it desperately needs to avoid default and keep the euro as its currency.

Greeks are increasingly bitter about the austerity measures the EU is imposing on them. And Greece's EU partners are losing trust that the Greeks will implement them.

Now, talk is growing about contingency planning if Greece fails to meet the bailout conditions and defaults.

Greece is broke. But there's no blueprint for a country to declare bankruptcy, so Greece's creditors are sort of making things up as they go along.

"You're taking some sort of loss," Hans Humes of Greylock Capital Management told me. "But it's like, how much of a loss do you take? There's this thing called sovereign immunity. You can't go in and take the Acropolis."