Out of Fiscal Desperation, Greece May Sell State-Owned Airports, Banks, Companies to Qualify for EU Loans

Greece's dire financial situation continues, as leaders work diligently to find solutions that will prevent global economic fallout. On Sunday, European finance ministers said that they are slated to give the nation another major bailout to keep its government afloat. That said, in order to receive the funds, the Greek government will need to make tough choices. CNN has more:

Greece has to raise 50 billion euros ($71 billion) through privatization by 2015, Eurogroup members said.

It also has to push through tough budget-cutting measures, they said, despite widespread protests in the country that forced a government reshuffle last week.

Prime Minister George Papandreou faces a vote of confidence in his new ministers this week as his party clings onto a wafer-thin majority in parliament.

In order to generate the funds needed to qualify for the bailout, Greek officials have proposed selling government assets, including real estate, airports, highways, companies, banks and more.

In addition to securing much-needed loan monies, the government has proposed cutting the public-sector workforce by 150,000, changing working hours and wages and changing benefits found under the nation's the social safety net. These reforms, the government claims, are essential to prevent the Greek government from defaulting. The public, of course, isn't happy about the impending changes.

Earlier today, despite the International Monetary Fund's warning that a bailout package must be passed to avid economic turmoil, The Telegraph reported that European leaders had failed to agree upon release of the funding:

[Jean-Claude Juncker, the president of the eurozone finance ministers] said the European leaders felt unable to release it until Athens has confirmed its commitment to a tough package of asset sales and spending cuts that have led to unrest on the streets.

He said: "As the vote by the Greek parliament has been fixed for the end of June, we cannot make an engagement without knowing if the Greek parliament [will] endorse the commitments made by Greece."

If the agreement doesn't come soon, a Greek default could still be on the table. Watch, below, for a video report from CNN: