Global Markets Update: Greece Needs Second Bailout or May Have to Leave Euro Zone

11:28 AM ET Tue, 3 Jan 2012

Greece says if it doesn't get a second bailout, it might have to leave the euro zone. Markets elsewhere in Europe are up on the day, led by mining stocks. Spanish stocks drop after news of a higher than expected deficit for 2011. German unemployment falls to its lowest level since re-unification. France says it will raise sales taxes again ahead of the country's April presidential vote. And France and Germany announce Sarkozy and Merkel will meet January 9th in Berlin.