Greece appears to have averted imminent default, but its recovery prospects remain clouded by the severity of its planned austerity measures and the impact cutbacks have already had on its stricken economy.

Even as Greek leaders agree to new austerity measures, the IMF is calling on Greece's official creditors to take losses on its bond holdings. Analysts and policymakers increasingly question the wisdom of EU-mandated austerity measures at the expense of growth.

Policymakers and market actors are increasingly concerned about a disorderly Greek default, while many analysts question the wisdom of Germany's strict austerity approach to the escalating eurozone sovereign debt crisis.

New Prime Minister Lucas Papademos faces daunting challenges to rescue Greece's economy. A fiscal collapse, analysts say, will also raise questions over the eurozone's ability to manage debt crises in other struggling European economies.

EU leaders are making plans for a Greek exit from the euro, even as Prime Minister George Papandreou scrambles to garner support for the new EU rescue package and tougher austerity measures.

Despite a German parliamentary vote to boost the eurozone's bailout mechanism, Greek sovereign debt levels appear unsustainable and a default may be inevitable. Most economists think the question now is how to make the process orderly.

Despite the Greek parliament's approval of an austerity package, the country's enormous debt and EU countries' tortured debate over solutions raise concerns among some experts that default is unavoidable.

Tough new measures by the Greek government to curb debt levels are likely to be welcomed by a nervous European Union, but debate persists on whether the EU will, or should, offer Greece financial assistance.

Walter Russell Mead examines the problems underlying the European financial crisis.

Walter Russell Mead looks at the efforts to control the Greek financial crisis.

Citigroup's Chief Economist Willem Buiter discusses the future of sovereign debt in the wake of the crisis in Greece.

This meeting was part of the C. Peter McColough Series on International Economics.

Greek elections this weekend could render a verdict on the country's eurozone future, with analysts fearing serious consequences for the global economy, says this CFR Backgrounder.

A profile of Greek leftist terrorist groups.

A victory for Greece's center-right New Democracy party is a reprieve for the euro, but eurozone leaders must still grapple with systemic fixes, writes CFR's Charles A. Kupchan.

Greece's government escaped a no-confidence vote, but the crisis over its massive sovereign debt continues to shake the eurozone. CFR's Sebastian Mallaby says there are no easy solutions and matters may be coming to a head.

At the center of market upheaval over Europe's debt crisis is Greece, which faces daunting challenges despite a pending bailout. But it should be counted on to muddle through with reforms, writes CFR's Marc Levinson.

Greece's political turmoil is spreading fresh economic uncertainty. But it is wrong to assume an automatic exit from the euro or further sovereign debt contagion, says expert Iain Begg.

Though Standard and Poor's ranks Greece as the world's lowest-rated economy, calling into question the eurozone's future, economist Iain Begg says the debt crisis will paradoxically have the effect of deepening EU integration.

Greece will undoubtedly receive a second bailout from the EU and IMF. But expert Daniel Gros says it remains to be seen whether default is inevitable and if banks and other private bondholders will also take a hit.

The IMF and European leaders have gotten serious about Greece's debt, says CFR's Charles Kupchan. But the crisis also raises concerns about the eurozone's unity.