Acropolis in the centre of Athens, Greece
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Greece set to receive 'historic' bailout

9 March 2012 Last updated at 22:59 GMT

Greece looks certain to receive its second enormous bailout, after a decision by private investors to accept losses of more than half the value of their holdings of Greek government debt.

The deal, considered to be the biggest of its kind in decades, was greeted enthusiastically by European governments.

However, in a fresh development, the investors' losses have triggered a multi-billion euro insurance payout.

Hugh Pym reports.