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.

Michael Shuman of Time's The Curious Capitalist discusses the future of the U.S. debt burden in the context of Greece's fiscal debacle, suggesting a balanced approach to avoiding default.

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.

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.

European Union Commissioner for Economic and Monetary Affairs Olli Rehn expects negotiations on a new Greek aid plan between the EU, IMF, and Greek government will conclude "in the coming days," ahead of the EU finance ministers' meeting scheduled for June 20.

As Wall Street hangs on the question "Will Greece default?," Vanity Fair's Michael Lewis heads for riot-stricken Athens, and for the mysterious Vatopaidi monastery, which brought down the last government, laying bare the country's economic insanity.

Reuters details the austerity measures adopted by European governments in efforts to stave off the spread of the Greek debt crisis.

Over the past decade, Greece borrowed heavily in international capital markets to fund government budget and current account deficits. The profligacy of the government, weak revenue collection, and structural rigidities in Greece's economy are typically cited as major factors behind Greece's accumulation of debt.

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

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.

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.

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.

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

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

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.

Nouriel Roubini and Arnab Das of Roubini Global Economics warn that the IMF and EU should abandon their Greece bailout plans.  It's too late; officials are being stubborn; time to move on and restructure Greece's debt and cut interest rates.

Rating agency S&P's decision to downgrade Greek debt to "junk" may lead to softened pre-conditions for an IMF-EU bailout and a swifter European response, says CFR's Marc Levinson.

In this online publication, The Economist looks at Greece's request for aid from the euro zone and the IMF, concluding that it will likely only provide temporary relief. 

As the EU struggles with Greece's debt woes Jean-Claude Trichet, an architect of the European monetary union, finds himself sidelined and ignored, writes Brian Blackstone in the Wall Street Journal.