The 110-billion-euro bailout deal reached on Sunday came to the Greek government as a relief, but uncertainties still remain that threaten to drag up the default risk and bond prices, and leave negative impacts on rising economies.

Eurogroup head and Luxembourg Prime Minister Jean-Claude Junker said Sunday that finance ministers of the 16 eurozone countries agreed to activate the multi-billion bailout mechanism with the International Monetary Fund in the next three years.

However, the real-time data from the Financial Times showed the yield on benchmark Greek 10-year bond froze at around a record high of 9.46 percent, indicating that the market still stressed on the country's default and even bankruptcy.

This lifeline loan was more than enough to cover the maturing debt worth 8.5 billion euros before May 19, part of about 54 billion euros needed for this year, but not vital to dissolving problems in the long run.

The aid plan was previously estimated to reach 45 billion euros. Now this 110-billion-euro bailout deal left the severity of the crisis a mystery.

According to Eurostats data, as of the end of 2009, Greece's deficit had amounted to 32.342 billion euros, accounting for 13.6 percent of its GDP, and outstanding public debt had surged to 273.407 billion euros, accounting for 115.1 percent of GDP.

In addition, it remains uncertain whether the rescue package can pass through parliaments of eurozone members. In fact, various voices have been heard in Germany, the largest economy and major power in the 16-member eurozone.

German Chancellor Angela Merkel and French President Nicolas Sarkozy both "reaffirmed their determination to act quickly to implement the support plan," but Merkel was facing strong public opposition to saving the Greek economy with German taxpayers' money.

The German and French parliaments are set to vote on loan packages next week. The voting is believed another threshold for Greece to solve its debt problem.

Anxious investors are waiting to see whether France and Germany can build up synergy during the bailout progress. After all a large share of bailout loan came from these two European heavyweights.

The success of the rescue efforts also depends on the Greek government's commitment to implementing the policies including the Stability and Growth Program issued in January and the additional austerity measures announced Sunday.

"We have to make painful sacrifices in return for our country's survival," Greek Prime Minister George Papandreou said on Sunday. However, it seemed that the Greek public would rather sacrifice the reputation of their government than their vested interest.

Over the past five months, Greek citizens have launched strikes to protest harsh austerity measures, including reduced civil servants' salaries and pensions as well as higher value-added taxes.

Greece is not alone. Portugal, Spain and other south European countries also face large amount of public debt that has been accumulated during the latest recessions. Standard and Poor's downgraded Lisbon's and Madrid's credit ratings last week.

Similar problems with other eurozone countries may not be a major concern for the moment, but economists believe it is risky to conduct stress test on the fragility of world recovery.

"If this crisis in public finances is not settled, all of Europe will succumb to a second very serious financial crisis," wrote France's opposition Socialists in a statement.

As the international community has learned from the global financial crisis, effective and efficient coordination and cooperation among major countries are vital in tackling crisis of this magnitude. This also applies to the current economic woes in Europe, analysts said.