Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

Europe Agrees on New Greek Bailout Europe Agrees on New Greek Bailout

NEXT :
This ad will end in seconds
 
Close X

Not a member or subscriber? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

Greek Bailout

Europe Agrees on New Greek Bailout

Greece secured a second giant bailout early Tuesday in exchange for severe austerity measures and strict conditions. The $172 billion bailout forces private investors to suffer even steeper losses in order to help stop the country’s imminent default. Under the deal, Greece will reduce its debt to about 120.5 percent of its gross domestic product by 2020, from about 160 percent now.

Following several rounds of talks, banks that hold Greek bonds agreed to what, with past agreements, now amounts to a roughly 75 percent loss. At the same time, Greece will pay lower interest rates on its bailout loans.

 

The deal had been widely anticipated and leaders are hoping the news provides the euro zone with much-needed momentum.

Comments
comments powered by Disqus
 
MORE NATIONAL JOURNAL