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says, "there is no hope." after living way beyond its means, with tax evasion and generous benefits a way of life, greece is now trying to avoid bankruptcy. and must tighten its belt like never before. that means slashing the minimum wage by more than a fifth. skyrocketing taxes. just imagine filling up your car for $10 a gallon. and the outlook is bleak. among young people under 25, half are without a job. the greek government says suicides have increased 40% over last year. but will all these cuts work? will greece be saved? >> the rest of europe is very nervous about greece's ability to implement this program based on what you've seen there in the streets recently. >> reporter: and if this doesn't work, the fear is that the domino effects could reach across the ocean to you and affect everything in the united states from jobs to

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