In an effort to save the Greek economy, and by extension the euro itself, eurozone countries — the 16 European Union states that use the common currency — have agreed on a multibillion-euro bailout that also will impose financial austerity measures on Greece.

Greece has attempted to recover from its most recent economic crisis by introducing an austerity package of its own that has cut civil servants’ wages, frozen pensions and increased consumer taxation. –JCL

The Guardian:

The eurozone has agreed a multibillion-euro bailout for Greece as part of a package to shore up the single currency after weeks of crisis, the Guardian has learnt.

Senior sources in Brussels said that Berlin had bowed to the bailout agreement despite huge resistance in Germany and that the finance ministers of the “eurozone” — the 16 member states including Greece who use the euro — are to finalise the rescue package on Monday. The single currency’s rulebook will also be rewritten to enforce greater fiscal discipline among members.

The member states have agreed on “co-ordinated bilateral contributions” in the form of loans or loan guarantees to Greece if Athens finds itself unable to refinance its soaring debt and requests help from the EU, a senior European commission official said.

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