European Leaders Reach Agreement on Greek Crisis

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Context

Eurozone leaders on Thursday agreed to find a solution for Greece to deal with its debt crisis. Eurozone countries, along with the International Monetary Fund, will provide Greece with another bailout worth $156bn. Private investors and banks will also contribute around $53bn. The new rescue package will complement the $146bn bailout plan launched in May 2010. A key aspect of the new package is an extension of the role of the rescue fund, the European Financial Stability Facility (EFSF), to allow it to function more freely.