Greece spent a decade working to become a full member of the European Union. Now it appears it's doing its best to get thrown out. At a summit meeting in Brussels last night, Euro leaders stepped up contingency planning for a possible Greek exit from the euro zone. Meanwhile, Europe's leaders are struggling to overcome their differences on how to resolve the EU's debt crisis. Joining us is Matthew Price, Brussels Correspondent for our partner the BBC.

Fears about a Greek exit from the Eurozone — which some are calling the Grexit — are reverberating internationally. European historian Timothy Garten Ash explains.

Mitt Romney and President Obama may find themselves watching events unfold in Europe with a little uneasiness. After all, Europe's political calendar may pose the perfect economic storm, and it could blow across the Atlantic and decide who becomes President of the United States. Brookings Institution senior fellow on foreign policy Justin Vaisse explains how the dominoes could fall in Europe and the United States.

Many governments spend more money then they take in. This is known as deficit spending. This is not necessarily a bad thing, but it is possible for their debt to get so large that they will no longer be able to operate. At least, the cost of borrowing money will be so greatly increased, that it becomes an obstacle. When this happens, countries must take action to get their balance sheets in order.

Almost all of Greece's private creditors have agreed to accept a loss on their investments, leaving their holdings of government debt almost 75 percent less. This new agreement will save the country around 100 million dollars and averts immediate default for the country.

Greece has once again narrowly avoided defaulting on their $172 billion debt by agreeing to more austerity measures and selling off profits to euro zone countries. However, it's unlikely this development will ease the dire situation of its population: nearly 20,000 Greeks are homeless and 21 percent are unemployed. Stateside, there were signs of recovery when on Tuesday the Dow hit 13,000 for the first time since 2008. But if the last four years have proved nothing else, it's that what happens across the globe can directly impact a market at home.

How much will it cost Europe to keep Greece out of bankruptcy? $172 billion, that's how much. EU finance members gave approval to a second bailout package in Brussels overnight but Athens has to accept deep spending cuts and permanent monitoring. The chairman of the Euro group says the deal would secure Greece's future in the euro zone, but required the efforts of all parts of Greek society.

Has Greece been saved for good? Euro zone leaders have agreed to a second bailout to save Greece from bankruptcy but Athens has to accept deep spending cuts and permanent monitoring. This has caused many Greeks to revolt. Joining The Takeaway is Steve Evans, correspondent for our partner the BBC.

In Greece the government has passed the latest austerity measures needed to avoid a default. But they are not accepted by the people. There is a real, boiling anger, a sense that they have been betrayed by their own leaders and by their supposed partners in the European Union. The question this morning is whether Greece can be held together. Chris Morris with our partner the BBC was in Athens last night as the clashes unfolded.

Over the weekend, Romney won both the CPAC straw poll and Maine caucuses; he'll head to Arizona on Monday while Santorum heads to Washington. After rioting and looting in Athens, Greece's parliament approved an austerity and debt-relief bill early Monday. Back in the States, President Obama unveils a budget blueprint Monday. Later this week, Chinese Vice President Xi Jinping visits the White House. Fourth quarter earnings reports from more than 50 S&P 500 companies are expected this week. 

Time magazine has declared 2011 the year of the protester. In the year that gave the world the Arab Spring, austerity-related uprisings throughout Europe, and the Occupy Wall Street movement, it is no surprise the newsweekly chose "The Protester" as its iconic 2011 Person of the Year. Two protesters from very different movements join The Takeaway to talk about the popular uprisings that have dominated headlines and captivated minds around the globe in 2011.

Much of the political turmoil surrounding the euro zone crisis has centered around the question of whether fiscally stronger nations, such as Germany and France, should have to bail out Greece and other struggling economies. German Chancellor Angela Merkel has held the purse strings along with other leaders who have demanded strict austerity measures in those countries receiving assistance. Merkel is under political pressure at home with many in her government feeling that the Greeks, like the German people, should have lived within their means.

The roller coaster that is Greek politics continued Wednesday. Talks between the three main political parties forming the new unity government remained deadlocked. The most dramatic moment came when Giorgios Karatzaferis, leader of the smallest party walked out of negotiations. He told reporters it was sad that games were taking place between outgoing Prime Minister George Papandreou and opposition leader Antonis Samaras. The two men are known to be bitter rivals — but it wasn’t always this way.

A different look at the euro zone crisis with a look at the very idea of the European Union. It grew out of the wreckage of World War II, with politicians determined to end the rivalries which had driven Europe to war twice in 25 years. Former British Prime Minister Winston Churchill, presiding at the Hague Congress in 1948, launched the call for a political, economic and monetary union of Europe. This landmark conference would eventually see six European countries coming together to sign the Treaty of Rome in 1957 which created the European Economic Community — now of course, the much larger 27-member European Union.

Interest rates on Italy's debt have soared to dangerously high levels, as bond yields hit 7.4 percent — the level that has driven other euro zone countries to seek bailouts. In comparison, Germany's interest rates stand at just 0.24 percent. Wednesday's news comes just a day after Prime Minister Silvio Berlusconi pledged to step down on the condition that Parliament pass an austerity budget required by the European Union. Uncertainty over whether Europe's third largest economy will be able to meet its fiscal challenges will continue to test world markets.

The twin political and fiscal disasters of Greece's sovereign debt crisis have spread to Italy, Europe's third largest economy. Prime Minister Silvio Berlusconi's governing coalition has crumbled ahead of a crucial budget vote scheduled for Tuesday, and a key ally has demanded his resignation. Interest rates on Italy's debt rose to 6.47 percent, the highest since the country joined the euro. As Greece negotiates a transitional government, the fate of the euro remains in question.

Embattled Greek Prime Minister George Papandreou will resign once plans for a new coalition government are finalized. Papandreou and his political rival, conservative leader Antonis Samaras, reached a deal on Sunday to form a unity government to implement the unpopular austerity measures required by a bailout deal reached with European leaders. The new government is expected to be led by a non-politician who will be named on Monday.

In Cannes, leaders from the world's 20 largest economic nations are meeting to discuss the most pressing fiscal matters across the globe. On top of that list is Greece and the high-stakes political gamesmanship of the country's Prime Minister George Papandreou. Papandreou called off a plan to hold a referendum on his country's loan deal with the European Union Thursday after he gained new support for the deal from the opposition. Greece is in a tense political stalemate as its fate with the euro zone hangs in the balance. Papandreou is trying avoid a economic catastrophe as he faces calls for his resignation and a no-confidence vote on Friday. Papandreou's political brinkmanship has renewed questions about the instability of the euro zone and the destabilizing roles of deeply indebted countries.

Greece's ongoing debt crisis and governmental instability has become the focal point of this week's G-20 summit in Cannes, France. A day before a scheduled no-confidence vote in Greek Parliament that could lead to the government's collapse, two ministers have publicly split with Prime Minister George Papandreo over his plan to hold a referendum on a European bailout plan. Finance Minister Evangelos Venizelos and three other ministers are now opposing the referendum, saying Greece's membership in the euro cannot be jeopardized.

Greek Prime Minister George Papandreou's surprise announcement that Greece will vote on its planned bailout has sent world markets into a tailspin. Analysts worry the planned referendum will undermine the agreement reached at meeting of European leaders in Brussels last week and bring Greece dangerously close to defaulting on its debt. In the U.S., brokerage firm MF Global filed for bankruptcy on Monday, in part due to bad bets made on European debt. Traders, however, say worries about the euro zone are primarily responsible for the volatility.