Default Averted: Second Bailout for Greece Approved

Hemera/Thinkstock(BRUSSELS) -- Greece is on track to avoid defaulting on its mountain of debt next month, after finance ministers in the single currency euro zone approved a $170 billion bailout on Tuesday.

The meeting in Brussels lasted nearly 13 hours, and agreement only came after overnight haggling by European governments.

Any relief in Greece is offset by a grim reality that it faces years of sacrifice. Income reductions and tax increases are part of the proposal to reduce the Greek deficit and help it deal with past debts that have not been repaid. 

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