Euro Zone Strikes Greece Bailout Deal

    GREECE, ATHENS - FEBRUARY 19: Demonstrators shout slogans during a protest against austerity measures, in front of Parliament on February 19, 2012 in Athens, Greece. Following a meeting on Wednesday, finance ministers across the Eurozone are calling for greater scrutiny and oversight of Greece's proposed budget cuts in order to approve the latest 130 billion euro bailout package. The package, which is anticipated to be finalised on February 20, 2012, is essential for Greece to avoid defaulting on a 14.5 billion euro bond it is due to repay in mid-March.  (Photo by Milos Bicanski/Getty Images)

    Milos Bicanski / Getty Images

    Though euro-zone ministers stayed behind locked doors until the early hours of Tuesday, they finally reached an agreement on Greece’s second bailout. Finance ministers approved the €130 billion in new financing and a goal of cutting the nation's debt to 121 percent of GDP by 2020. Earlier, talks hit another snag, as the IMF and EU demanded private creditors be hit even harder than predicted. Meanwhile, the Greek people are still furious about the €3.3 billion in spending cuts and tax hikes they’ll have to absorb. Several thousand demonstrators took to the streets protesting cuts Sunday.

    Read it at Reuters