The background and agreements of the deal

Mr. Papandreou appeared in the hall of the Greek delegation at about 3 o'clock in the morning, literally exhausted.

Negotiations had preceded that lasted for more than 6.5 hours involving leaders of 17 Eurozone countries (Austria, Germany, France, Holland, Greece, Ireland, Spain, Portugal, Cyprus, Estonia, Slovakia, Slovenia) assisted by their own close associates.

Mr. George Papandreou's consultant in the negotiations was Professor George Zanias, president of the Council of Economic Advisers.

From 8:30 pm on Friday when the Eurozone leaders began to discuss the adoption of the competitiveness agreement and the faciliation of countries' debt problem, until 10 minutes to 10pm when Mr. Hermann Van Rompuy Twitted "agreement in principle on the euro- still discussing the other elements of the package", there had been no update on the talks.

Even those most privy to information, the diplomats, avoided making predictions. The Ireland issue was  discussed at length with bold and contentious dialogues perhaps because Mr. Enda Kenny, the new Irish prime minister, joined the meeting like a bull in a china shop.

Mr. Kenny not only called for a repayment extension and lower interest rates, but also was walking tall on the issue of his request of the Europeans to increase company tax by over 12% for all companies operating in Ireland.

Mr. Kenny did not come out a winner from this clash, which marked the third hit he received in only a few days since his electoral victory. The New York Times offensively mentioned his name as "Mrs Kenny", while the European Commission services had mistaken him for an Irish actor, adding to the photo newsletter a Star Trek Irish star instead of the... real Mr. Kenny.

Portugal was  also a focus of the summit, since it is a given that after Greece and Ireland, it will be the third country which will be forced to enter the support mechanism, confirming the prophecy announced on the "PIGS".

For Greece, the decision was rather unexpected.

Eurozone leaders have decided to give a breath of fresh air to the Greek economy in return for the government's promise to "fully and promptly complete" the privatization programme of public property amounting up to 50 billion euro, and to introduce a strict financial framework with the strongest possible basis on which the Greek government will build on.

The Europeans met Mr. Papandreou's request for an extension in order to repay the loans amounting to 80 billion (of a total of 110 that the country is receiving if the 30 billion provided by the IMF are included), from the three years previously agreed upon to a 7.5-year period, with an option to obtain a three-year grace period.

They also agreed to reduce the interest rate by one percent, allowing the members of the Prime Minister's delegation to triumphantly declare that "Greece has just saved 6 billion" on interest and repayments.

With these two "gifts", the Europeans allowed Mr. Papandreou to return to Greece with concrete results which will give an extension to the Greek economy.

What are the things that the Greek government has decided to concede? Sources from the German Chancellery state that the Greek government promised that if need be, they are ready to take further steps beyond their commitment to a privatization of 50 billion.

The problems will not stop here, though.  In 2012 Greece will have 66 billion worth of loan needs. If 25 are assured , no one knows how the country will enter the markets or where the rest of the 41 missing billion can be found.

In the event that bond spreads continue to run into the "thousands", the EFSF permanent support mechanism will provide the remaining credit necessary in order to buy Greek government bonds from the primary market.