A group of European countries have agreed to make a deal that will gift Greece with $157 billion to lighten their debt burden, The New York Times reports. The deal's main aim is to calm market fears for the Euro and to try to stifle a greater economic collapse within Europe. Financed mostly by France and Germany, the deal also offers financial aide to Ireland and Portugal, two countries who have recently been struggling to stay afloat. Increased abilities are being offered to the main European rescue fund, the European Financial Stability Facility, in an effort to help countries that are approaching the financial edge. Greek loans are being extended from 7.5 years to 15 and are being given a low, low interest rate of 3.5%. Overall the plan should take 13.5 billion euros off the 350 billion euros in debt that Greece has amassed.
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