The Greek prime minister, George Papandreou, told his nation's parliament that it must accept the main condition of the emergency loans - which would mean a further 24bn euro ($43bn)austerity package of tax rises and reductions in public spending. The spectre of a Greek default has retreated, if only temporarily.
Mr Papandreou told Greek MPs: "The measures we must take, which are economic measures, are necessary for the protection of our country. For our survival, for our future. So we can stand firmly on our feet. It is a patriotic duty to undertake this, with whatever political cost, which is tiny faced with the national cost of inaction and indecision."
Phil Twyford, David Cunliffe and Robyn Malcolm then paid Greece a visit and here's what resulted:
The Greek unions and opposition groups have promised yet more protests and strikes in response to the proposal that the Greek retirement age be raised from an average of 63 to 67, and the abolition of the "13th and 14th month" pay packets, payable to public sector pay workers at Easter and Christmas.
Fingers in ears, eyes wide shut, singing la la la la la.........