After weeks of uncertainty, the Eurogroup has finally voted in favor of giving Greece a much needed bailout package worth 96 billion dollars. It is the third bailout package since 2010.
The bailout comes after extended meetings with Greece’s European creditors who expressed distrust and skepticism at Greece’s readiness to present workable terms. A rejection of Greece’s application for a bailout would have spelled an exit from the Eurozone.
In return for the bailout, Greece agreed to stringent austerity conditions with the Greece parliament voting in favor of new austerity measures last week.
Donald Tusk, chairman of the emergency meeting of the 19 nations said today that, “Eurozone leaders have agreed in principle that they are ready to start negotiations on a new bailout”.
This news will surely be welcome by many Greeks who have been restricted to a withdrawal limit of 60 Euros per day.