February 20th, 2012
11:25 PM ET

Eurozone approves new $173B bailout for Greece

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 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.

An austerity pact was approved by the Greek parliament on February 12, leading to some of the worst riots in the country in recent years. The package, which included deep cuts in government spending, wages and pensions, helped pave the way for eurozone finance ministers to sign off on the new €130 billion ($172.6 billion) bailout deal.

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Filed under: Economy • Europe • Greece • World
soundoff (2 Responses)
  1. hamsta

    until they end their welfare mentality its just a waste of time giving them money.the money will be gone tomorrow with no explanation of where it went and they will have their hand out looking for something for nothing without wanting to earn it.

    February 21, 2012 at 4:41 pm | Report abuse |
  2. Greek American

    @hamsta

    Would you please shut the hell up and quit commenting on anything involving Greece!
    Just stick to whining about your loser GOP butt buddies who will lose another election in 2012 because they are the biggest waste of humanity ever imaginable. Greece would never even have such losers as you vote for, to even walk their dogs, much less be your president. Have fun voting for your loser Republican tea bagger as Greece and I continue to laugh at you. Tool!

    February 21, 2012 at 10:37 pm | Report abuse |