Posted 2/21/2012 7:29:54 AM UTC
Updated 2/21/2012 1:49:55 PM UTC
17 finance ministers of the European Union worked till morning to agree on the 130 billion Euro worth bailout for Greece.
Although the second package rescues Greece from a possible default, another period of austerity measures is in sight for the Greek people and the government.
The Eurozone and the IMF said the deal is expected to bring Greece's debt down to 120.5 percent of gross domestic product by 2020.
From now on, the influence of the European Union and the IMF will be stronger and more permanent in Greece.