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Full Version: Greece To Default As Eurozone Agrees €159bn Bailout
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Greece is set to lead the eurozone's first-ever default as European leaders agreed that the private holders of Greek debt will take a hit of €50bn over three years.

Breaking weeks of deadlock, the heads of the 17 eurozone governments conceded that a "controlled" failure was the only way to prevent the collapse of the single currency and a global financial rout.

As part of the deal Greece will also receive another bailout package - from Europe, the International Monetary Fund and the private sector - worth €159bn.

The second bail-out, which follows the €110bn rescue funds agreed last May, will cut Greece’s debt by a quarter.
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