EU leaders strike new deal to ease Greece’s financial woes

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After half a day of talks, Eurozone financial ministers and the International Monetary Fund (IMF) struck a new deal to help Greece face its massive debt burden on Tuesday. In the deal, creditors agreed to bring down Greece’s debt-to-GDP ratio to 124% by 2020, in exchange for the release 43.7 billion euros for the cash-strapped nation. The meeting is the 3rd of its kind in the last two weeks, the 3rd bailout package was supposed to be released in May but the 17 eurozone members have failed to come up with a consensus. Greece has already incurred about US$40-B in bailout loans representing about 190% of its gross domestic product.

Read more on Rappler and the New York Times.


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