Greece Forced to Make Deep Cuts

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Friday, February 17, 2012

People clash with police in the streets during a demonstration against the new austerity measures on February 12, 2012 in Athens, Greece. People clash with police during a demonstration against the new austerity measures in Athens, Greece. (Milos Bicanski/Getty)

Ancient Greece has been a powerful influence on Western culture across two millennia. Modern Greece is also having quite a powerful influence today, but on the world economy.

New York Times business reporter James B. Stewart discusses some of the challenges there and how the fundamental problems of the Greek economy are not so different from those of the economy in the U.S.

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