At 4.20am yesterday the Greek people and everybody else following the beleaguered country's attempts to strike a deal with the European Union breathed a sigh of relief.

The man with the cheque book, Jean-Claude Juncker, who is chair of the eurogroup, walked out to the assembled bleary-eyed Press crew and announced that it had granted a second bailout worth €130bn (£109bn) which will allow Greece to meet its bond repayments due on March 20.

As a student, I can remember the overriding sense of joy which comes with having persuaded the bank to extend my overdraft but you can bet your bottom drachma that Greece didn't go out celebrating last night and spend half of its extra loan as this reporter did.

Unlike me, Greece has had to account for every cent of the bailout money and prove to the lenders how it's going to run its economy in the years ahead. If the EU had been my bank manager as a student I would probably still have many of the hundreds of text books I insisted were vital to my studies in those phone calls to my local branch.

But for Greek prime minister Lucas Papademos the sigh of relief won't have lasted for long because he's now got to implement another round of austerity measures which would make your eyes water.

Closer to home, the old issue of corporation tax raised its head again yesterday when PayPal announced it is setting up an operation in Dundalk which will create 1,000 new jobs.

Would the eBay-owned firm have set up in Northern Ireland if we had a similar business tax rate? It's difficult to say but you've got to think it played a part in the company's decision.

But there's no point in crying over spilt milk and we should be glad that new jobs have opened up opportunities for workers here.