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.


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.