Euro finance ministers and the International Monetary Fund have reached a deal on an urgently needed bailout for near-bankrupt Greece.
After 12 hours of talks they agreed on a raft of measures to reduce Greek debt by 40 billion euros to 124 per cent of GDP by 2020.
The agreement opens the way for a major aid instalment of up to 44 billion euros which ministers will formally approve on December 13.
The debt reduction measures include cutting the interest rate on loans to Athens and returning 11 billion euros in profits from ECB purchases of Greek government bonds. Once a buy-back of Greek debt has occurred the IMF will pay its one-third share of the bailout.
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