Greece received 109 billion euros from the European bailout money

European leaders have further bail out Greece reached an agreement. A new round of bailout funds amounted to 109 billion euros one third will Greece debt swaps or bonds bond holders of private contribution in the form of extensions.

Agreement for the private creditors is Germany Angela (Angela Merkel) is a political victory, but at the same time, will almost certainly lead to a common European currency, the euro area bonds since the establishment of the first infringement.

Investors have been waiting impatiently for the opening of the recent Summit in Brussels. In this very important Summit, the heads of the eurozone countries soon consensus, agreed to reduce its rescue package comprises three State bail-outs of lending rates. Officials said, Greece and Ireland and Portugal paying interest will be around 3.5%, reduce the current level of 100 to 200 basis points. The heads of Government also agreed to extend the repayment schedule from 7 years to at least 15 years.

In addition, they also provide 440 billion euros in the eurozone rescue fund-the European financial stability arrangements (EFSF)--new powers, so that it can help countries that are currently not in the rescue package, including the provision of preventive credits and recapitalisation of distressed banks in the euro area.

But wait a few weeks since the core issue is how Greece debt holder of the private sector to contribute to rescue package--this would cause some Greece debt default by a temporary.

The European central bank (ECB) Jean-Claude Trichet (Jean-Claude Trichet) have strongly opposed allowing selective default. But officials revealed that the clarification this plan applies only to holders of bonds in Greece, and does not apply to other heavily indebted countries, Terry thanks reluctantly this arrangement.

In the draft final outcome document of the Summit, leaders announced: "(we are) willing to clarify one point, Greece is uniquely difficult, so the country requires an unusual solution."

France President Nicolas Sarkozy (Nicolas Sarkozy) to allow selective default similar reservations, but in the end reluctantly. Sarkozy also agreed to hold a banking levy of 50 billion euro in the euro area's proposal. He always think that the tax measures can achieve the same purpose--to let Greece bond institutional holders buried part of the single, but also to avoid default.

Translator/Wang Kelun

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