The bailout package for Greece may cost much more than estimated

Intense discussions are underway in Europe to negotiate a financial aid package for Greece. US president Barak Obama called German Chancellor Angela Merkel on Wednesday and both leaders agreed 'resolute action' was required before Greece's debt crisis engulfs more Eurozone countries. Spain has become the third country to have its credit rating downgraded in the past two days. Merkel held meetings with the heads of the IMF and the European Central Bank in Berlin on Wednesday.