The New York Times
Thursday, July 21, 2011 -- 3:44 PM EDT
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Euro Leaders Clinch 109 Billion Euro Greek Bailout
European leaders on Thursday clinched a new rescue plan for Greece that could push the country into default on some of its debt for a short period but would also give Europe's bailout fund sweeping new powers to shore up struggling economies.
At a press conference late Thursday, German Chancellor Angela Merkel confirmed the 109-billion-euro aid package for Greece. According to drafts of a statement that was being discussed earlier in the evening by the 17 euro zone heads of government, banks have agreed to take part in several programs to reduce Greece's debt, including plans that would mean exchanging existing bonds for new bonds with lower interest rates and longer maturities.
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