A second bail out for Greece was this morning finally agreed by European finance ministers following all-night talks in Brussels.
Under the deal, Greece will be given low-interest loans of £110billion.
Greece will also cut its debts to 120.5% of its Gross Domestic Product by 2020 – it is currently more than 160% of GDP.
Controversially, it will also accept an "enhanced and permanent" presence of EU monitors to oversee economic management.
Without the bail-out money Greece would have been unable to pay back loans next month and would have effectively gone bankrupt.
Such a situation threatened the future of the euro zone itself.
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