The important takeaway from this morning's news about Europe's financial mess:
It seems less likely that Greece will go bankrupt and more likely that it will get another international bailout that hopefully will shore up the nation's economy and prevent a domino-like tumble of other ailing European nations and the unsettling repercussions that could have for the U.S. economy.
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.
On tonight's All Things Considered, NPR's Robert Siegel talks to the chief of the International Monetary Fund Christine Lagarde.
Naturally, Robert focused his interview on Greece, which has been engulfed in a debt crisis that has threatened its membership in the European monetary union. Robert asked Lagarde about the tough austerity measures Greece has agreed to and whether those measures could promote a shrinking economy as opposed to getting Greece back to prosperity.
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.