EU Agrees to Bail Out Greece

The 16 member states of the Eurozone have reached an agreement to bail out Greece, which is teetering on the brink of insolvency, The Guardian reports. The aid, which will come in the form of loans or loan guarantees, is believed to be in the neighborhood of $34 billion (€25 billion), though many officials guess Greece could require as much as $76 billion (€55 billion) by the end of the year. The package is expected to be finalized on Monday. Still, the agreement has not come easily. Though Germany is contributing, it has expressed a lot of reluctance to help out what The Guardian called a “fiscal delinquent” like Greece. "The Greek case is a potential turning point for the eurozone," said Olli Rehn of Finland, the new commissioner for economic and monetary affairs. "If Greece fails and we fail, this will do serious and maybe permanent damage to the credibility of the European Union.”