The Greek economy is on the verge of a 1930s-style Great Depression, as the Athens government predicts a 25% fall in gross domestic product by 2014.

The Greek government has been ordered to implement draconian measures to reform the labour market by introducing a six-day working week.

The large economies of Europe are entering recession, largely due to austerity policies. After three years of festering, drastic action is required.

China and the US have urged Europe’s leaders to prevent the eurozone debt mess from spreading — which is now also threatening Italy.

The eurozone’s leaders need to show markets they are taking responsibility for its debt crisis, says US President Barack Obama.

World Bank chief Robert Zoellick warned of a "new and more dangerous" time in the global economy on Saturday, with little breathing space.

A restructuring of Greece’s €340-billion debt is not on the agenda and would damage the country’s credibility on bond markets.