EU Gives Greece Second Bailout
February 21, 2012 | From theTrumpet.com
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Despite vehement protests among Greek voters, the European Union has decided to implement its second bailout of the troubled country. Eurozone finance ministers agreed today to a €130 billion rescue deal. European leaders hope the package will stabilize debt-laden Greece and provide a lifeline to the euro currency.
The Greek government also struck a crucial debt relief deal with private investors, sidestepping what would have been a catastrophic financial default.
Above all, the agreements are designed to protect Europe’s overall financial system. In the process, banks, pension funds and other bond investors are having to accept multibillion-dollar losses.
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