Greece would receive loans at about 5 per cent interest, much lower than the market rate of 7.5 per cent.
By providing details of the loan package, Europe sought to end the uncertainty it had created through a series a vague reassurances over the last several months. European leaders had engaged in weeks of debate on whether to help Greece and how to do it, and the absence of resolve had prompted investors to demand high rates on loans to the Greek government.