European ministers agree to €110 billion in aid for Greece

Euro zone finance ministers have agreed to a €110 billion aid package to help Greece work through its debt woes and prevent its crisis from spreading. In exchange for the funding help, Greece agreed to rein in its spending. "It's an ambitious program. It's austere but it's absolutely necessary," said Jean-Claude Juncker, who chaired a meeting of finance ministers from across the euro region. European Central Bank President Jean-Claude Trichet said the plan will "help to restore confidence and safeguard financial stability in the euro area".

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