EU Leaders Work to Avoid Second Recession

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European Union leaders gathered in Brussels on Monday to discuss the best ways to grow Europe's struggling economy.

Massive debt and rising unemployment continue to plague the eurozone, and many worry the region is on the verge of another recession.

The 27 EU leaders are trying to figure out how to reign in spending while at the same time create jobs.

Some in the EU have proposed redirecting more than $108 billion in existing development funds toward the countries in most dire need.

Meanwhile, Greece and its bondholders have come closer to a deal to significantly reduce the country's debt and pave the way for it to receive a much-needed $170 billion bailout.

Negotiators for the bondholders said Saturday that a debt-reduction deal could become final within the next week.

If the agreement works as planned, it could help Greece avoid a catastrophic default, which would be a blow to Europe's already weak financial system.

However, some of Europe's leaders fear the bailout won't be enough to fix Greece's financial problems.

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