Eurozone ministers back 130 BILLION-euro bailout for Greece

Eurozone finance ministers have agreed a second bailout for Greece after marathon talks in Brussels.

Greece is to receive loans worth more than 130bn euros (£110bn; $170bn).

In return, Greece will undertake to reduce its debts to 120.5% of its GDP by 2020 and accept an “enhanced and permanent” presence of EU monitors to oversee economic management.

Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.

After five straight years of recession, Greece’s debt currently amounts to more than 160% of its Gross Domestic Product.

The euro immediately rose on reports of the deal, which was announced early on Tuesday, after 13 hours of talks.

So I guess money really is an illusion.