Eurozone ministers back 130bn-euro bailout for Greece

Eurozone finance ministers have reached agreement on a vital second bailout for heavily indebted Greece.

The deal, which came after more than 13 hours of talks in Brussels, will provide Athens with loans worth more than 130bn euros (£110bn; $170bn). Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid. In return, Greece will undertake to reduce its debts to 120.5% of its GDP by 2020. After five straight years of recession, Greece's debt currently amounts to more than 160% of its Gross Domestic Product. According to BBC the euro immediately rose on reports of the deal. The agreement was announced early on Tuesday by Jean-Claude Juncker, prime minister of Luxembourg and chairman of the eurozone finance ministers group. Mr Juncker said the "far-reaching" deal would lead to "a very significant debt reduction for Greece" and insure its future within the eurozone. (BBC)