President Vaclav Klaus gives his view on the European financial crisis, saying that no magic pill exists to solve it.

Breaking news on the Greece financial crisis! Check out this video too – www.youtube.com Greek Prime Minister Lucas Papademos told members of his government they must back deeper budget cuts needed to prevent financial collapse or quit, as political dissension threatened to unwind the country’s second bailout. Papademos said failure to secure the 130 billion-euro (1 billion) rescue package that’s under negotiation threatened 11 million Greeks with a default that would halt the payment of wages and pensions and shut down schools, hospitals and businesses. He spoke after five ministers resigned in two hours and protesters clashed with police in Athens. “Some say default would be preferable,” Papademos told a Cabinet meeting in Athens this evening, according to an e-mailed transcript from his office. “They are woefully mistaken. What is of the essence right now is to do whatever we can to approve the new plan and let the loan accord proceed.” Concerns the bailout might unravel mounted after euro-area finance ministers yesterday kept back approval of Greece’s austerity measures, one of the Greek governing coalition parties pushed back against German demands for deeper cuts, and police used tear gas to counter demonstrators in the capital. Papademos met his ministers to discuss the bill detailing the measures, amounting to 7 percent of gross domestic product to 2014, which will be put to a parliamentary vote this weekend. The Cabinet gathered after one minister and three …

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