Tuesday, February 21, 2012

Eurozone approves new $173B bailout for Greece



CNN reports: Eurozone finance ministers sealed a deal Tuesday morning for a second bailout for Greece, including €130 billion ($173 billion) in new financing.

The finance ministers from the 17 nations that use the euro, known as the Eurogroup, gave Greece the funding it needs to avoid a potential default next month.

While this new deal provides some short-term relief for Greece, difficult days lie ahead as the government tries to trim debt to 121% of the country's gross domestic product by 2020. Greece's debt now stands at about 160% of GDP.

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