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.

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Eurozone's debt agreement with Greece explained

Eurozone finance chief Jean-Claude Juncker said the agreement includes:

  • A plan to reduce Greece's debt level to 124% of its GDP by 2020 and below 110% by 2022. The IMF had originally insisted on a debt-to-GDP ratio of 120% by 2020.
  • A cut of 100 basis points on the interest rate charged to Greece by other Eurozone member states, excluding those countries also receiving bailouts.
  • A 15-year extension of the maturities of loans from other countries and the eurozone's bailout fund - the European Financial Stability Facility - and a deferral of interest payments by Greece on EFSF loans by 10 years.

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