"Greece reached a historic deal with other euro-zone countries and the International Monetary Fund for a three-year, €110 billion ($146.5 billion) bailout". [full WSJ article]The bailout also includes a €10 Billion support fund for banks (Bloomberg). Find the full text of Papandreou addressing his Cabinet on the bailout here. Below are videos from RussiaToday, Reuters and EUX.tv featuring Greek Finance Minister Giorgos Papaconstantinou outlining the austerity package, riot videos and more.
Will this be a short financial capitulation event transferred to main street in Greece? Read what Nouriel Roubini thinks about the IMF/EU bailout on my previous post here. He thinks the situation is insolvable.