Europe seals $310 billion Greece bailout

(Brussels) – Eurozone finance ministers have agreed a second bailout for Greece after 13 hours of talks. Greece is to receive loans worth more than 130 billion Euros.
In return, Greece will undertake to reduce its debts to 120.5% of its GDP by 2020 and accept an “enhanced and permanent” presence of EU monitors to oversee economic management.
Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.
After five straight years of recession, Greece’s debt currently amounts to more than 160% of its Gross Domestic Product.
Greek Prime Minister Lucas Papademos pronounced himself “very happy” at the massive bailout agreed by eurozone partners and private creditors.