Greece on the verge of default

Greek officials are under serious pressure to agree on the new bailout package terms in order to stave off default.  The government officials need to finalize the terms of the 130 billion euro bailout quickly in order to avoid a default on the 14.5 billion euro bond redemption in March.   The default concerns many economists as it could not only severely hurt an already damaged euro but it could put a stop to the U.S. economic recovery.   Over the past few weeks Greece has been able to work deals with some in the private sector to write down some of the debt.