(Image Source: Flickr/ Tilemahos_E) 

BY VICTORIA CRAIG

You're watching multi-source video news analysis from Newsy. 

It’s back to the negotiating table for the Greek government and its creditors.
As the New York Times reports, the nation’s leaders will meet Wednesday with representatives from the European Central Bank, the International Monetary Fund and the European Union to discuss the next steps in a planned 130-billion-euro bailout deal.

“Representatives … resume negotiations ... even as they try to force hedge funds and other private holders of Greek bonds to accept large losses to make the country’s debt burden more manageable... If Athens cannot secure concessions from the bondholders or the bailout money it needs … Greece could default by March 20, when 14.5 billion euros in debt comes due and must be repaid.”

The Huffington Post notes, all of this comes on the heels of failed debt negotiations late last week, and a big downgrade for countries across the Euro zone.

“On Friday, S&P cut the ratings of nine European countries ... The mass downgrades added a layer of 

The Greek government still has time to work out a deal. But experts say the talks could get pretty messy. The Economist’s business editor tells CNBC what a post-March 20th doomsday deadline might look like for Greece and its economy.

“The bondholders need to agree on whether they’re going to take a massive haircut or an absolutely enormous one. Even if they take a 50 percent haircut, we’re still talking about Greek debt coming down to something like 120 percent of GDP, which is still a very, very high and barely sustainable figure.

But the chairman of Goldman Sachs Asset Management tells Bloomberg, a Greek default might not be such a big deal after all. Putting it into perspective, he says China creates the equivalent of a new Greek economy every four months. Adding -- Greece itself isn’t that important.

“What is important, I would say, about the whole European mess, is Italy and how Greece deals with this restructuring or default which seems quite possible, and the contagion of that through the rest of Europe.”

A reporter for The Wall Street Journal takes that sentiment one step further. He explains the implications of a Greek default on the rest of the world.

“The thing that’s especially scary about what’s happening in Greece right now isn’t how much Greece is the problem. The problem is that it shows how immensely complicated this would be to do in a much bigger country.”

Both the Greek government and its creditors hope to reach an initial debt-reduction agreement by as early as this week, with a final debt exchange by the end of February.