Eurozone officials reach deal to reduce Greek debt

Eurozone finance ministers and the International Monetary Fund have reached a deal on an urgently needed new debt target for Greece.

After nearly 10 hours of discussion, the officials agreed to reduce Greek debt by €40 billion (£32.4 billion), paving the way towards releasing an urgently needed tranche of bailout loans.

The debt has been cut to 124 percent of gross domestic product by 2020.

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Eurozone reaches Greek deal

Greece is on its way to getting the next tranche of its much-needed bailout loans after finance ministers from the Eurozone countries agreed on a programme to reduce the country's debt.