Eurozone Finalizes Second Greek Bailout

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Photo: ARNE DEDERT/2011 AFP

After an exhaustive twelve-hour session, eurozone countries reached an agreement on a second bailout for Greece that will give the distressed nation $170 billion that, according to a EU diplomat, will save it from a potentially calamitous default. The bailout is expected to reduce Greece's debt to roughly 121 percent of gross domestic product by 2020. But there's more work to be done: Greece needs much of the funds to restructure its debt with private investors who have been forced to take a substantial loss.