The leaders of the 16 Euro states in the Eurozone have decided to provide Greece a 110 billion Euro bail out package to take control of the debt crisis in the country.

The Eurozone Commission President, Mr. Barroso has informed that the Eurozone will take every possible step to rebuilt Greece’s financial conditions.  But Athens has to cut its public spending for the next three-year loan.

The Euro price has fallen in international market. And experts apprehending that if same thing continues then Portugal and Spain could even face the same problem. The leaders have also planned for a long term stabilization mechanism for Europe’s financial stability.

All the Eurozone leaders also agreed and approved to the International Monetary Fund rescue package for Greece. They have also decided to make it as fast as possible.

There are certain protocols that have been developed to modify the budget rules and the leaders discussed some effective points to break the debt guidelines and study the competitiveness and deflect. It will be informed to all the leading nationalized banks soon.