Greece has agreed a new in principle multi-billion euro bailout deal with its creditors. It was announced by the European Commission (EC) after series of marathon talks between Greece and its lenders in Athens. In this regard a technical agreement has been reached between the EC and Greece. The agreement will now require political approval from the debt ridden country. The bailout deal comprises a package of 85 billion euros over next three year. This agreement will keep Greece in the Eurozone currency and avert bankruptcy which may had led to a negative cascading effect on global economy. Some key points of Greek bailout deal Secures funding of around 85 billion for Greece to service its debt as well as to settle public payment delays and arrears over the next 3 years Reduces fiscal surpluses of Greece for the next 3 years by 11% of GDP which curtail the decision of new austerity measures in the forthcoming period. Recapitalisation of the banking sector of Greece. It will be completed by the end of 2015. Provides 35 billion development package to debt ridden country which dubbed as the Juncker package.
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