Summary Box: Deal gets mixed reception in Greece

AP News
Posted: Feb 21, 2012 3:24 PM
Summary Box: Deal gets mixed reception in Greece

MIXED REACTION: Greeks were torn between relief and foreboding on the news that their country has received a 130 billion euro bailout. While the aid will protect them from a calamitous default and keep them in the euro bloc, it will also cost households years of economic hardship.

THE BACKGROUND: The deal gives Greece its second financial lifeline in less than two years _ a combined package of foreign loans equivalent to about euro22,000 ($29,000) for every Greek citizen, children included. National debt already amounts to about euro32,000 ($42,300) each.

THE OUTLOOK: Greece faces many more years of sacrifice, on top of a grueling 24 months of austerity measures that have contributed to record high unemployment and a rapidly contracting economy.