I wonder if they , Greece, still have to drastically cut their expenditures, cut their bureaucracy and get control of their own expenses on pensions and other off the board benefits that got them into this problem in the first place and will the populace understand and go along with these changes?
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english.aljazeera.net/news/europe/2011/07/2011721145839828646.html-----------------------------------
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Europe
Eurozone leaders reach Greek debt agreement
Private lenders to provide 135bn euros over 30 years to Greece to avert financial meltdown.
Last Modified: 21 Jul 2011 16:07
"Eurozone leaders have agreed in a crucial summit to find a way out for Greece to manage its debt crisis.
On the agenda was the idea of emergency loans for Greece and overhaul of the eurozone's bailout fund in an attempt to stop the debt crisis from engulfing larger countries like Spain or Italy.
A draft document was discussed by the eurozone leaders which stated that private creditors could agree to contribute to a second rescue package for Greece.
"Today we reached three important decisions fully supported by all of us, we improved Greek debt sustainability, we took measures tostop the risk of contagion and finally we committed to improve the euro zone's crisis management," said the European Council president, Herman Van Rompuy.
According to the draft, the eurozone was ready to extend the average maturities for Greece's official loans to 15 years, at an interest rate of 3.5 per cent.
The new bailout will supplement the 110bn euro ($156bn) rescue plan for Greece launched in May last year.
Together with the International Monetary Fund, they will give Greece a second bailout worth 109bn euros
($155 billion). Banks and other private investors will also contribute some 37bn euros to the rescue package.
"We have decided to support Greece as a member of the euro and the eurozone. It is a determined commitment," Sarkozy told reporters as leaders emerged from the summit. "All the euro countries have decided to be at its side."
Greek prime minister, George Papandreou welcomed the agreement, "we now have a programme and a package of decisions which create a sustainable path for Greece, a sustainable debt management for Greece."
One key element of the package is an expansion of the role of the European bailout mechanism, the European Financial Stability Facility (EFSF) so it can act more freely."
