What will a second bailout mean for Greece and the global economy?

February 20, 2012

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(AP/Thanassis Stavrakis)
A worker cleans the Bank of Greece sign after protesters defaced it during a riot in Athens.

Right now, Eurozone finance ministers are meeting in Brussels to hash out a deal for Greece's second bailout. The ministers are expected to agree to another bailout worth 130 billion Euros--about 170 billion dollars.  The deal would keep Greece from defaulting on its debt in exchange for a series of severe austerity measures. Even if the deal goes through, the country’s deep economic troubles could affect the rest of Europe. Stephen Nelson, professor of political science at Northwestern University, and Costas Panayotakis, professor of sociology at New York City College of Technology, join Worldview to discuss the developments.