Posted inPolitics & Economics

Euro zone reaches deal on second Greece bailout

Finance ministers reach €130bn deal to rescue Greece from its vast debt

Greek Prime Minister Lucas Papademaos gives a joint press conference following a Eurogroup Council meeting on February 21, 2012 (All images courtesy of AFP/Getty Images)

The meeting, held at the EU headquarters in Brussels, saw Euro zone finance ministers seal a $172bn bailout for Greece

After 13 hours of talks, ministers finalised measures to cut Greece’s debt to 120.5 percent of gross domestic product by 2020

The massive bailout marks the second rescue in less than two years

The euro gained in Asia after the bailout was agreed

The austerity measures wrought from Greece are widely unpopular among the population

The unpopularity of the austerity measures may hold difficulties for a country which is due to hold an election in April

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