45 billion euros of aid are to be received by Greece from the European governments, if requested, at below-market rates in order to spur the recovery of the debt-struck economy. Accounting for two thirds of the debt, the Euro zone is to provide the Greek with up to 30 billion funding through three-year loans with 5% interest. The other 15 billion are to come from the IMF.
Germany had to loosen demands of a market rate loan, and the a few rules made by the European Union had to be bent; among them the prohibition of a bailout to indebted countries, saving form peril not only the Greek government but also the single European currency.
The Greek prime minister Georges Papandreou praised the aid package saying that it sends a clear message that nobody can play with our common currency and out common fate. The Greek government has the decisive role in the launch of the aid package, though Greece has so far refrained from requesting the aid, depending on the austerity plan to cut its deficit. Harsh actions by the government to cut spending and raise taxes, praised by the European governments and reproved by the Greek public, have so far managed to sever 40% of the budget deficit.