Greece needed to have agreement with holders of Greek bonds to accept losses of 75% on Greek Bonds, to trigger the bailout payment of 130 billion from the EU, this has almost been acheived, with 85% of bondholders agreeing to accept the terms.

The grand plan is to reduce the Greek debt level by giving holders of Greek debt much lower levels of return, that enables Greece to be in a position to service it's enormous debt pile and the economy might be in a better position to expand at some stage.

Does this look like a complete solution as far as Greece goes? Probably not. For now though it calms markets and pushes the prospect of a Eurozone  break up a way down the line. However with a Greek election coming up in the near future, whether the next Greek administration will keep to the terms of the austerity package imposed on them by the EU, remains to be seen.

Many senior economomists are of the opinion that Greece will at some stage default on it's financial obligations but by then there will be much more advanced plans to prevent contagion and for the Eurozone to survive with one less mouth to feed.

It maybe be possible that Eurozone watchers will view a community without Greece as a positive, not a negative to drag down the other members, which is happening at the moment.