BBC News
February 21, 2012
Amongst European officials and ministers there is a huge sigh of relief.
The country that has been at the heart of the eurozone's debt crisis has, for the moment, been taken off the critical list. Some of the pressure on the eurozone has lifted.
The second bailout for Greece will avert imminent bankruptcy and Greece will stay in the eurozone.
The deal comes in two parts. Investors have been asked to take steep losses so reducing the Greek debt mountain by 107bn euros (£89bn; $142bn).
The losses will be deeper than expected - up to nearly 55%. We will not know until March how many investors have accepted this deal but Greece is expected to pass a law enforcing losses on those reluctant to agree to the terms.
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