GREECE TO GET 130 BILLION EURO BAILOUT

After an arduous meeting that lasted 13 hours, Eurozone countries reached an agreement early Tuesday to hand Greece a 130 billion Euro bailout.

Greece to get 130 billion Euro bailout
Posted 21.02.2012 07:29:54 UTC
Updated 21.02.2012 13:49:55 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.