It’s a big day in Europe as Greece has reached a deal with the IMF and the EU for a bailout that could be worth as much as 120 billion Euros, according to Prime Minister George Papandreou. Under the plan, other Euro-zone countries and the IMF will make loans to Greece, which hopes to reduce its deficit to 3 percent of its GDP by 2014. In exchange, Greece will enact a series of tax increases and spending cuts aimed at reducing the deficit. For now at least, Greece’s ship remains afloat. [NYT]
