With Greece not up to par with what was asked of them and a worsening recession within the nation, the Eurozone leaders agreed to offer a second bailout plan worth €130 billion in October 2011. This plan also came with requests. The Eurozone asked for another austerity package and that all private creditors holding Greek government bonds should sign a deal accepting lower interest rates, resulting in a 53.5% face value loss. While looked down upon especially by the credit holders of these bonds, Greece needed this money so they met these requests.
In March 2012, a bailout plan was designed and implemented with the appointment of the Troika to cover all Greek financial needs from 2012-14 through a transfer of some regular disbursements; and aimed for Greece to resume using the private capital markets for debt refinance and as a source to partly cover its future financial needs.
As initial findings indicated the bailout program was widely off