Last Tuesday the finance ministers from the 17 nations that comprise the Eurozone met in Brussels to approve Greece’s second financial bailout since 2008. According to CNN, the deal will pour $172 Billion into the Greek economy, thus alleviating their financial pain and avoiding what was seen as an inevitable default on the country’s debt.
Part of the bailout package is that the European Central Bank will pass up its profits on the payments made by Greece, Fox News reported, thus making the process easier on the country. Another aspect of the deal that will ease Greece’s financial burden is decreased interest rates.
The deal is designed to help Greece trim its massive debt by 25% by the year 2020. This will not only keep Greece from falling into a massive depression but also will boost the economy of the 16 other nations that comprise the Eurogroup. The Eurogroup is made up of 17 nations that use the Euro as their currency.