New talks with creditors kick off in Athens in in a renewed attempt to slash the country’s debt and stave off default.

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While individual careers may be flourishing, whole countries are drowning in debt. Next, we head to New York, where the Resident asks people in the streets for tips on what should be done to rescue the global economy. RT on Twitter twitter.com RT on Facebook www.facebook.com

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2011 will be remembered for its mass protests in Greece where angry crowds clashed with police and trashed the streets of Athens in response to the government’s austerity measures. The leaders there remain have been under immense pressure from the EU to make saving cuts in order to qualify for desperately-needed bailout money. RT’s correspondent Sara Firth has been covering the protests in Greece during the past year. RT on Facebook: www.facebook.com RT on Twitter: twitter.com

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A wakeup call for Greece and the euro. WSJ’s Andy Jordan and Joe Parkinson report from Athens on the threat of a potentially contagious debt crisis and the moral hazard of bailing out a country with bad fiscal habits.

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To get a firm grip on Europe’s debt, member states have imposed strict austerity measures, with southerners suffering most. As millions of unemployed people in Spain fight over what few jobs there are, the young and talented are heading abroad. RT on Twitter twitter.com RT on Facebook www.facebook.com

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The person essentially in charge of Europe’s purse strings says there is no easy fix to the Eurozone’s debt crisis and finding a solution will take years. German Chancellor Angela Merkel said the region needs a new financial union with stronger controls and debt regulations. Economic analyst Michael Mross, says he agrees with the EU monetary chief, who warned the Eurozone is running out of time to tackle its debt. RT on Twitter twitter.com RT on Facebook www.facebook.com

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RT’s Sara Firth talks to Aris Hatzistefanou, author of the documentary “Debtocracy”, who casts doubt on the course EU leaders have chosen, to tackle the debt crisis. RT on Twitter: twitter.com RT on Facebook: www.facebook.com

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Brussels is pleased to see that Italy and Greece have changed their governments and picked technocrats to lead their countries through the euro crisis. Related story: www.euractiv.com European leaders have warmed greeted the appointment in Italy of former EU commissioner Mario Monti and of former European Central Bank Vice President Lucas Papademos in Greece. Monti made his name as the powerful Competition Commissioner who took on US corporate titans General Electric and Microsoft. Monti blocked plans for one the biggest mergers between two US corporate giants, General Electric and Honeywell, and has imposed massive fine on Microsoft. His technical expertise, sharp intellect and diplomatic skills and his refusal to bow to intense lobbying pressures made him one of the most highly regarded officials the Commission has seen. At the launch of EurActiv Italy last month, Monti argued that there is no crisis of the euro, because the symptoms of a weak currency, inflation and exchange rate, are not there. Instead Europe is going through a public debt and banking crisis, and that, he said, can only be tackled through rigorous structural reforms. While Italy’s problems have pushed the collapse of the much smaller Greek economy backstage, the IMF and European leaders will keep the new Prime Minister Papademos under pressure to implement radical reforms. Polls published in Sunday’s newspapers show Papademos has the support of three in four Greeks.

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Is the eurozone bound to fall apart? Who will cling to the euro till the very end? Is the exit strategy becoming as appealing as the entrance strategy once was? Or will the eurozone withstand the threat of contagion? CrossTalking with Karel Lannoo, Claire Hill and Robert Oulds. CT on FB: www.facebook.com

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The White House says that Europe is capable of solving its debt crisis but that it must do so quickly.

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