we'll tell you what exactly is happening here a lit later in the show but first to the news live at 5:30 a.m. here at 30 rock. a breakthrough in europe just within the last several hours as leaders agree on a rescue plan to prevent a greek default that could have brought down the continent. the headline in today's "wall street journal" reads eu forges greek bond deal. it comes at a heavy price. the nuts and bowls of this deal we bring in becky meehan live in london. >> reporter: the world had been waiting are to it looking to see how europe will get out of this sovereign debt crisis. it's being taken well by the markets because equity markets right around the world are getting a bump up but here are some of the details what's going on. holders of these greek sovereign bond also have to take a 50% haircut as they say basically giving up 50% of the debt they are owed by greece, still we are yet to see the details hammered out.