Europe's leaders back new greece deal

Eurozone leaders are supporting a new bail-out for debt-laden Greece with a lower interest rate and more time to pay it off.

The softer lending conditions will also be applied to the multi-billion rescue loans for Ireland and Portugal as heads of state battle to prevent debt contagion spreading deeper across Europe and possibly going global.

At an emergency summit in Brussels, the Euro leaders opted to double the maturity of the loans for the three bailed-out countries from seven and a half years to 15 years, and cut the interest rate in an attempt to finally ensure the stability of the single currency.

In a joint statement, the leaders said: "We agree to support a new programme for Greece and, together with the IMF and the voluntary contribution of the private sector, to fully cover the financing gap. 

Source: Independent.co.uk