Greece has secured its second bailout on Friday, hopefully giving Greece an opportunity to restore its struggling economy to health. I believe that the bailout deal was the only way to restore the country to economic health.
The write-down/hair-cut/controlled default was possibly the worst technical default a country has suffered with bondholders being forced to take part in a debt-swap deal through collective action clauses (CAC) on Friday. Over 80% (circa 83.5%) of creditors agreed to the deal, which allowed Greece to force the remaining to accept the deal, leading to 100 billion euros being wiped off Greece’s debts by reducing the value of their bonds.
There still remains concerns that Greece will end up needing a third bailout following the unpopular austerity measures, while Greece is still in Recession. Greece needed the 130 billion euro bailout from the European Union and the International Monetary Fund as it had a debt-to-GDP ratio of around 160% (which was unaffordable) and current unemployment of circa 20%. The bailout is expected to be finalised later today.
welshmoneywiz 
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