Greece bailout finally agreed by eurozone © Reuters / Yiorgos Karahalis Eurozone governments have finally come to the rescue of Greece, after approving a second massive bailout. It follows months of wrangling over Greece's responsibility to reduce its debt, and the last round of talks in Brussels lasted 12 hours. Haggling over figures, financial targets and Greek government belt-tightening pledges went on through the night in a last-ditch attempt to rally markets and put crisis-hit Athens back on the path to economic recovery. But the deal is based on long-range forecasts of Greek's best-case-scenario debt reduction chances over the next eight years, with some pundits instantly dismissing the deal as undeliverable. In return for the latest 130bn euro bailout and a private creditor debt write-off worth about another 100bn euros, the Greek government has to implement severe austerity package of pay, pension and jobs cuts.