EU leaders Agree on Greece Plan

The IMF has joined EU leaders for a large aid package for Greece, the total of which has now reached €22 billion.

Initially, the leaders of various EU countries were not keen on rushing to the aid of Greece, which is struggling under the weight of its massive deficit.

Germany for one was less than impressed with the idea of paying up in order to rescue Greece's economy. After all, argued Chancellor Merkel, surely we should all be trying to rescue our own economies before handing out cheques to the others?

Other leaders were more supportive including France. Nikolas Sarkozy and others argued that by helping Greece, the entire Eurzone is rescued from the constant pressure on the euro.

Whoever has the better argument it seems that the IMF's agreement to step in was enough to rein everyone into the plan. The euro rose against the US dollar and the pound after the plan was announced, but will it last?