Ultimately, after months of delays and discussions, euro zone finance ministers agreed on Tuesday morning for a second, 130 billion euro bailout for Europe homeless guy—Greece. The agreement will not only provide fresh financing for the debt-stricken government, but also so much-needed debt relief. This bailout also includes funds to recapitalize the shattered Greek banking system. The agreement was not easy as euro members were demanding tougher measures as well as commitments by Greek government to impose far tougher measures.

Previously, the technocrat interim Prime Minister, Mr. Lucas Papademos, sent a draft bill to the parliament and after tough controversies it was approved. The bill includes huge drop in minimum wage rate, public sector layoffs, pension cut and etc. Greece had already imposed harsh austerity measures in 2010, which many economic experts maintain fuelled the crisis further.

As result, the economy shrank, unemployment rate increased, people unable to pay the mortgage became homeless and sovereign debt, not only dropped, but visibly spiraled up. Currently the sovereign debt stands at 160 percent of GDP which is remarkably high and it expected that Greek government pulls back to 120% till 2020, the aim which looks quite hard to be achieved according leaked information from IMF sources.

In the most optimistic prospective that the country succeeds to bring down its sovereign debt to 120% of gross national product, which still high stands at the current level of Italy. It is obvious that the economic state of Italy is not convincing at all as some credit rating agencies downgraded its AAA credit rating last year.

So, the question is this that will the second bailout pull the economy back on the track and end the current financial and economic crisis? Unfortunately, the answer does not seem to be positive. Because previously similar steps were tried in 2010 and the nation was bailed out, but nothing changed. Because the amount provided for the nation is not enough, according to economists. And it so hard to restore confidence over its economy, which means low price for government bonds and high charges for getting loans from public and private financial institutions.

Additionally, it is not clear that will the new government remain committed to promises or not. Greek people are opposing the austerity measures strongly and political party leaders, in order to win the election, are in need of policy change. In another word, they have to align with people against recently approved austerity measures, which is definitely further complicates the situation.