February 21, 2012
Greeks reacted with relief, anger and fear to the news that their country has been granted what is the biggest bailout in western history – not once, but twice in less than two years.
For the prime minister, Lucas Papademos, the €130bn deal was nothing less than a "historic day" with an end to the ferocious negotiations between Athens, foreign lenders and private creditors who hold its debt. Finally, he said, an end had come to the uncertainty that has enveloped Greece.
"We now have the ability to progress with stability, to limit uncertainty. and to increase trust in the Greek economy in order to create better conditions," he said after 14 hours during which the rescue plan was agreed.
For the first time, said his finance minister, Evangelos Venizelos, Greece had found a formula where its €350bn debt mountain was "reduced rather than augmented".
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