Greece to receive massive bailout

(Vatican Radio) Euro zone finance ministers and the International Monetary Fund on Monday finalized on an agreement to reduce Greece's debt and grant loans to the country’s nearly bankrupt economy. After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greece’s debt by 40 billion euros, cutting it to124 percent of gross domestic product by the year 2020.

The European Union's commissioner for economic and monetary affairs Olli Rehn said the decision was made because Greece had demonstrated it was committed to reform:

“Greece has kept its commitments. It has made tough choices. And I’m fully aware of how difficult the present situation is for the Greek people,” Rehn said.

He continued: “Greece has already come a very long way.”

Greece will receive up to 43.7 billion euros in stages as it fulfils the conditions of the bailout, with the next instalment to be made in mid December.

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