Greece has avoided a nightmare scenario by agreeing to a 130bn euros (£110bn; $170bn) bailout deal.
Under the agreement hammered out in Brussels
* Greece will undertake to reduce its debt from 160% of GDP to 120.5% by 2020
* private holders of Greek debt will take losses of 53.5% on the value of their bonds, with the real loss as much as 70%
* eurozone experts will permanently monitor Greece’s economic management
* a constitutional change will give priority to debt repayments over the funding of government services
The country has just over a week to approve a round of spending cuts of more than 3bn euros tied to the bailout