The Delaware Gazette

Greece secures bailout to avoid debt default

DG280400_web_022212_greece

BRUSSELS — The coun­tries that use the euro pulled Greece back from an immi­nent and poten­tially cat­a­strophic default on Tues­day, when they finally stitched together a euro130 bil­lion ($170 bil­lion) res­cue they hope will also pro­vide a life­line to their com­mon currency.

Can the European Union avoid a financial market meltdown?

Last week, after much angst and inde­ci­sion, the 17 nations mak­ing up the core of the Euro­pean Union (which fully uti­lize the euro as their com­mon cur­rency) agreed to a frame­work to resolve their finan­cial cri­sis. In a nut­shell, the coun­tries involved needed to address three core issues.

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