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It's trying to figure out how to nail down a $146 billion bailout and that austerity plan incredibly unpopular as people are facing dramatic tax hikes, benefits cuts, and the world worried that europe's problems are our problems. >> that's where this becomes an issue for us. we are going to spend time breaking down what is happening in greece and why it should concern us. here is the issue. if this issue in greece, which by the way, there are issues in portugal, spain, italy, ireland, if these things start to become bigger, remember these countries are all joined with a common currency and tha...

But it's budget deficit is 13.6 of the size of its economy, that is too big to be sustainable. that's why all of these people are being asked to take huge cuts in benefits and public of thes as part of a $146 billion bailout to try to sustain this country so it doesn't literally go bankrupt. among the things that we're talking about here are cuts to pepgs, as you pointed out. we're talking about major tax hikes. we're talking about aggressive tax collection among other things. among other things, this austerity plan incredibly popular, three people killed in a bank yesterday in athens. this is...

In line. that $146 billion bailout would help the country but big austerity cuts. it means the people of greece are going to live differently and people are rioting. why do we care about this beyond greece, a country that is one-fifth of size of california, relatively small? we're concerned about the p.i.g.s. po portugal, ireland and greece. it's a $1.2 trillion economy, it starts to matter when you other countries falling down, too. why could this potentially be our worry? it could be a banking crisis in europe, this what they're watching. will that hurt u.s. banks? no sign of that yet but ou...

The $146 billion bailout from the e.u. and the i.m.f. new jobless claims dropped to 444,000. we have retailser like costco, limited, macy's, reporting upbeat sales for april. freddie mac lost $8 billion last quarter and says it needs another $10 billion from the government. freddy has received $50 billion from the treasury and says, housing in america still remains fran tran fragile. kyra, before i go, one little story that we kept out specifically for you. it's national hamburger month. if you are going to celebrate

Something. we like to use this globe to put it in perspective. here's the united states. over here, a few locations i want you to see relevant in the story. let's start over here. i was mentioning germany, german chancellor angela merkel. she's saying europe stands at a crossroads with the economic crisis in greece. a lot of european nations caming to to promise $146 billion to help greece. however, there is a hole in that, as well. slovakia right now, potentially standing in the way, the prime minister saying you can't give greece any loan before we see them doing their homework. that's not n...