Creditors have agreed to a plan to restructure Greek government bonds - a move that was vital to the financial future of the country - Greek government officials said Friday.
The monumental deal means Greece has cleared its final hurdle to qualify for the €130 billion bailout program from the European Union and International Monetary Fund.
More than 85% of private bondholders agreed to the deal, Deputy Prime Minister Evangelos Venizelos said in a statement
FULL STORY
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
| Advertising practices | Advertise with us | About us | Work for us | Help
Lets hope they had the good sense to attach some form of accountability to this bailout, unlike the BUSH administration did with the US bank bailout!
So far we havn't heard of the accountability aspect of the deal but I agree that it has to be conditional.
Its another matter that a war with Iran and ensuing turmoil , fuel crisis etc would be devastating for most E.U countries including Greece.
Its basically a deal where in the bondholders agree to take a huge loss and basically that's it. Greece is going to have enough problems implementing reforms and paying back the money anyway.