Greece rescued again after agreeing €130bn bailout

Greece will receive emergency funding of €130bn after a second bailout of the stricken nation was agreed.

In return for the loans, Greece will aim to reduce its debt to 120.5% of GDP by 2020 and accept an "enhanced and permanent" presence of EU monitors to oversee economic management. Eurozone finance ministers agreed the bailout after late-night talks in Brussels continued into the early morning. The main losers in the deal are bondholders who will take losses of 53.5% on the value of their bonds. However, this could rise to as much as 70% when all the elements of the exchange are accounted for, the BBC reports. Greece needs the funds to avoid bankruptcy on 20 March, when maturing ...