Can a Second Bailout Save Greece?
After months of delays, arguments and doubts, euro zone finance ministers agreed on a second, $170 billion bailout of beleaguered Greece in the early hours of Tuesday morning. The agreement will not only provide fresh financing for the debt-stricken government, but also some much-needed debt relief. A hefty chunk of the new bailout package will be used to support a restructuring of $265 billion of Greek sovereign debt, in which private creditors will take a larger-than-expected loss in a swap of their current bond holdings for longer-term replacements. This bailout also includes funds to recapitalize the shattered ... (full story)