European Central Bank President Mario Draghi says he's been told by GreekPrime Minister Lucas Papademos that a deal has been reached on new austerity measures that Eurozone finance ministers have been seeking from Greece before it gets a crucial $173 billion bailout, The Financial Times is reporting.
The deal Greek officials are working on includes several more painful concessions. Among them, reducing the minimum wage.
Joanna Kakissis reports from Athens on how strong unions secured those wages and why some economists say those guarantees have to go.
JOANNA KAKISSIS, BYLINE: The minimum wage in Greece is about one $1,000 a month before taxes. International lenders say it must be reduced to about $780 a month to make the Greek economy more competitive.
European Union leaders are meeting in Brussels today to discuss the monetary union's ongoing economic crisis. According to The New York Times, the countries will decide that austerity is not enough to curb the sovereign debt crisis.