Europeans Cave, Greeces Snap-up $44.7B Check and Celebration Begins

November 27, 2012 8:29 AM EST
After weeks of debate, ministers in Europe cut Greece some slack yesterday, approving an aid package that cuts rates on loans and suspends interest payments for up to 10 years, saving Greeks billions. The Greeks are now also free to get their hands on an additional 34.4 euro in bailout funds.

Hours after the deal was announced, Greece's Prime Minister appeared on television to celebrate what he called a "new day", to the chagrin of the Germans, who were opposed to any type of debt forgiveness.

While this appears to be good news, watchers say the final act to the drama in Europe is yet to play out, as the crisis continues to reshape the political and economic landscape in the region.

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