Greek - More than two years after it came clean about its addiction to debt, Greece may finally have begun its long and painful road to recovery.

Greece's fractious political leaders struck a deal Thursday to make deep cuts in government jobs and spending to help save the country from a default that could shock the world financial system.

The deal, under negotiation since July, is one of two critical steps Greece must take to receive a €130 billion ($170 billion) bailout from other countries in Europe and around the globe.

European ministers said the deal needs to go further and gave Greece until the middle of next week to find an extra €325 million ($430 million) in savings, pass the cuts through a divided parliament, and get written guarantees that they will be implemented even after elections set for April. Greece is expected to rush the new austerity measures through parliament by late Sunday.