Greece Averts Immediate Default with Agreement

Friday, March 09, 2012

Almost all of Greece's private creditors have agreed to accept a loss on their investments, leaving their holdings of government debt almost 75 percent less. This new agreement will save the country around 100 million dollars and averts immediate default for the country.

Mark Lowen is a reporter for our partner the BBC.

The agreement "allows Greece to unlock its international bailout money, which it so desperately needs... it will provide the country with much needed breathing room," says Lowen.

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Mark Lowen

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