A massive 130 billion euro has been agreed in Brussels for Greece.

Also bondholders will accept a haircut of 53.5% rather than 50% and the European Central Bank will pass on any profits from the Greek bonds it holds to national eurozone central banks.

This means that Greece will stay afloat and avoid default for the next couple of years.

However Greece will have to tackle its debt deficit which is currently 160% gdp, down to 120% gdp by 2020, a figure deemed to be sustainable by the Eurozone, by introducing more cuts, more public sector job losses and more tax increases.