Greece gets bailout package of 130 billion euro from Eurozone countries

Finally a huge sigh of relief came to the entire Eurozone and the world at large, when the step was taken to encore bailout for Greece after 13 long hours of talks in Brussels. The relief came in the form of agreement between all the finance ministers of the Eurozone to sanction more than 130 billion Euros Greece to get its name off the debt list of the European Central Bank. This has already started showing its mark, as Greece has already repaid about 107 billion Euros of its debt. The sanctioned money has helped the economically dying country a lot to avoid its bankruptcy on 20th March.

But all these certainly have come at a price. In return to the aforesaid loan, Eurozone has asked Greece to cut down its debt from 160% to 120.5% of the Gross Domestic Product (GDP) within eight years from now, and the country has to accept permanent economic monitoring by the EU, the IMF and the ECB on the grounds in Athens.

Apart from these, Greece has to implement few more amendments in its policies and constitution too. This includes giving priority to repaying its debts over funding public services, and even setting up of a special account, managed completely and separately way from the main budget in such a way that the account always has enough money to serve the debt for the next three months.

After the agreement came up on Tuesday, the Greek Parliament is supposed to vote on the issue on Wednesday.

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