Agreement is reached on Greek debt

Agreement is reached on Greek debt

POSTED: Tuesday, November 27, 2012 - 11:00am

UPDATED: Tuesday, November 27, 2012 - 11:04am

Greeks are breathing a sigh of relief after the European Union and the International Monetary Fund reached an agreement on the country's debt rescue package. Seventeen Eurozone nations struck an agreement with the IMF on a program to reduce Greek debt and set the nation on track to get the next installment of its much needed bailout loan.

The international community has already agreed twice to bail out Greece, pledging a total of $310 billion in rescue loans. So far the country has only received about $195 billion. In return for its bailout loans, Greece has had to impose several rounds of severe austerity measures that have angered the public.

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