Greece welcomes new EU Aid Agreement

With relief and optimism, Greece welcomed the new bailout pact reached by European counterparts in Brussels to support the debt-stricken country, and braced for next steps needed to exit the crisis. “Europe has eventually woken up. Now it is our turn to join forces to overcome the crisis,” Greek President Papoulias said during a meeting with Papandreou for a formal briefing on the terms of the agreement. According to Thursday’s agreement, Greece will receive additional 109 Billion Euros (157 billion US dollars) aid to the first package secured in May 2010. In a significant development for Athens, the European Central Bank will support the Greek banking system accepting as collateral Greek bonds, in case credit agencies fulfills their warnings and use the term “selective default” for Greece due to the involvement of private investors in the new pact.