• Aid plan avoided bankruptcy
  • Situation difficult and dangerous
  • Bailout opens the way for return to the bond market
  • Troika found country made significant progress
  • Unemployment rise, international setting increased need for budget consolidation
  • Agreed to revise debt and deficit targets
  • 3% deficit/GDP target delayed to 2014 from 2013
  • 2012 target now 5%, up from 4.5%