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The Greek political leaders are under significant pressure to reach an agreement on needed cutbacks on Monday to comply with demands from the European Union and International Monetary Fund to secure a second bailout worth €130 billion ($171 billion).

After a meeting on Sunday, Mr. Papademos said that the political leaders agreed on some of the basic points of the international lenders’ demands, including spending cuts equal to 1.5% of gross domestic product in 2012 and reduction of supplemental pension benefits to Greek workers. The most difficult terms, where the government hasn’t yet reached agreement, are wage cuts, labour reforms and a plan to recapitalize Greece’s banks.

Prime Minister Lucas Papademos faces a strong internal opposition to the terms requested by the European Commission, IMF and European Central Bank—also known as the troika. Greek government officials say the reduction in wages being sought by the troika will only deepen the country’s recession and widen its budget deficit, because it will reduce both tax revenues and contributions to its teetering pension funds.

Unions representing both Greece’s public sector and private industry have scheduled a nationwide strike for Tuesday in protest against painful reforms.

Wall Street Journal

As Iran continues to grapple with the West over its nuclear ambitions, experts say the nation could double its already sizable oil output if sanctions were lifted to allow foreign investment into its oil industry.

Andy Zaky has called a bottom for the fifth time in a row

Andy Zaky has called a bottom for the fifth time in a row

FORTUNE: Bullish Cross’ Andy Zaky, never shy about tooting his own horn, has asked me to remind readers that on Thursday, with Apple (AAPL) trading just over $530, he announced that the share price was at or near a bottom and was about to bounce.

“Those who have been waiting for a correction in Apple to buy the stock,” MORE

JPMorgan Chase’s multibillion trading loss will be forgotten before the year is through, Chief Executive Jamie Dimon predicted Monday at the Deutsche Bank Global Financial Services Investor Conference.

As Iran continues to grapple with the West over its nuclear ambitions, experts say the nation could double its already sizable oil output if sanctions were lifted to allow foreign investment into its oil industry.

Coming months will determine whether Greece will keep paying its bills and remain in the euro, moves that have huge implications for the global economy.

A plunge in Facebook’s stock didn’t faze the broader U.S. market Monday. U.S. stocks bounced back from their worst week of the year on renewed optimism that European leaders would find a way out of the sovereign debt crisis.

Facebook’s stock slid below its offering price in early trading Monday, following a lackluster day of trading when the stock debuted.

Facebook’s stock slid below its offering price in early trading Monday, following a lackluster day of trading when the stock debuted.

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