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Deal reached over Greece debts at Brussels

summit
http://news.bbc.co.uk/2/hi/europe/8587847.stm
Summary:
The 16 Eurozone countries have backed a financing plan for Greece- the financial
plan will include IMF money. According to French President, Nicolas Sarkozy, the
Eurozone nations would grant coordinated bilateral loans. The plan is seen to be
beneficial for the EU as a whole, not only for Greece. Most European leaders
agreed that the financial plan was a move that satisfies everyone. Though there
is no report citing the numbers, the official in Bruusels claimed the total package
would be somewhere around 22bn euros. However, the agreement still needs to
be agreed by the other 27 members of the EU. Though the plan is so close to
become reality , some EU leaders claimed that they would only agree upon the
financial plan as a last resort- as Chancellor Angela Merkel said on Thursday.
Response:
Though the financial plan seems to be a good plan to save Greece from the debt,
there are some major flaws in this financial plan. The citizens of EU nations will
eventually have to pay for the bailout- deducted from their taxes. Greece is not
the only nation to suffer from the recession, though it would really help its
economy and also other nations economy if the financial plan goes through.
However, there is a question to ask, would Greece be able to pay off the bailout?
However, the financial plan is a really good idea to save Greece from the debt,

and though it is uncertain whether Greece would be able to pay it off in the long
run- the bailout is needed in order to preserve the stability of Euro currency.