the european commission vice president olli rehn laid out the details. >> this program is supported by very substantial contribution by the private sector as jean claude jun kefr explained. this requires a haircut of 53.5%, and there are several efforts will reduce the greek public debt to the level of 120.5% over gdp by 2020. >> olli rehn pointing out it's the private bondholders taking the bigger hit. imf boss christine lagarde welcomed the deal saying it laid the foundation for greece to return to prosperity. >> the combination of these significant efforts plus the ambitious program with a clear focus on competitiveness should really give enough space for greece to restore its competitiveness, to improve its debt sustainability and to demonstrate that with good and solid and rigorous implementation checked on a regular basis by the various partners associated with the program, it can get back on track. >> well, with a colossal debt and years of austerity ahead, that journey could be a long one. joining us with more from agent then is elida. what do you see as the reaction in greece?

olli rehn earlier was pushing for the bailout. consensus is that this bailout deal needs to be agreed. >> from the greek point of view, it must seem like one humiliation after the next. they were sent back to the drawing board last week and now it's still not enough. >> on sunday night many cabinet ministers resigned and many ministers were sacked over this austerity plan. many say the greeks can't take any more. they are simply saying what more can we do? >> all right. thanks for that. >>> let's check how the markets have been performing in asia. our business analyst is standing by in hong kong with more. >> reporter: thanks. asia's leading share indices ended wednesday's trade in the green after china said it will take action to help europe with the debt crisis. first off to japan, the nikkei was the biggest gainer in the region closes up 2.3%. that's on top of gains yesterday after the bank of japan pledged another $130 billion of monetary easing. the nikkei hit a six-month high as big brand exporters like mazda and sony rose a

also, the eu commission olli rehn holding a press conference. they may contract 3% this year.ten in for more. >> inflation for this year normally we do it only for the seven member states which cover about 85% of the european economy. but due to the rapidly changing economic circumstances we decided to extend the coverage from the seven largest member states to all 27 member states. the following three, first, gdp, of course domestic product of the european union as a whole is expected to remain unchanged in 2012. why they have entered into a mild recession. compared to our november forecast the prospects have worsened and risks to the growth outlook do remain, but there are signs of stabilization at the same time especially in the more recent period. inflation in 2012 has been slightly revised up due to high enterprises and increases in direct taxes. i will draw political interest the economic picture. let me start with external conditio conditions, the ever weakening which we expected in november is still going on. trade growth has weakened since spring last year as can be s

if you put ollie rehn, his comments aside, when he said there will be incalculable consequences, there certainly is. the default scenario's lost much of its horror. yesterday it was said, you know, that it's nothing. people in the eurozone are suggesting that this situation might not be as bad as it is. they say they're parting in some kind of soft default scenario. whether we see a disorderly default, though, still remains a question. obviously this eurozone meeting got pushed back. there are still details to find out. amongst those, of course, the 325 million euros worth of additional spending cuts. locals are saying they were going to decide. i thought it was going be a problem there. they wanted to see pension cuts. if they don't get that. i think there's still going to be a problem there. we're also waiting, of course, for the confirmation from the coalition leaders that they will agree to this and continue to implement them even after the elections. that, of course, is a question given what we're seeing in the polls. they sort of shift to the left side. in fact, one of the leader