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| Greece bailout: Eurozone agrees 'breakthrough' debt deal | Greece bailout: Eurozone agrees 'breakthrough' debt deal |
| (35 minutes later) | |
| Eurozone finance ministers have agreed to extend further bailout loans to Greece as well as debt relief, in what they call a "major breakthrough". | Eurozone finance ministers have agreed to extend further bailout loans to Greece as well as debt relief, in what they call a "major breakthrough". |
| After late-night talks in Brussels, the ministers agreed to unlock 10.3bn euros ($11.5bn; £7.8bn) in new loans. | After late-night talks in Brussels, the ministers agreed to unlock 10.3bn euros ($11.5bn; £7.8bn) in new loans. |
| The move came two days after the Greek parliament approved another round of spending cuts and tax increases demanded by international creditors. | The move came two days after the Greek parliament approved another round of spending cuts and tax increases demanded by international creditors. |
| The ministers also said debt relief would be eventually offered to Greece. | The ministers also said debt relief would be eventually offered to Greece. |
| This had been a key demand from the International Monetary Fund (IMF), which says public debt is unsustainable at current levels of about 180% of Greece's gross domestic product. | This had been a key demand from the International Monetary Fund (IMF), which says public debt is unsustainable at current levels of about 180% of Greece's gross domestic product. |
| The deal was announced after 11 hours of talks between the 19 eurozone ministers - known as the Eurogroup. | The deal was announced after 11 hours of talks between the 19 eurozone ministers - known as the Eurogroup. |
| "We achieved a major breakthrough on Greece which enables us to enter a new phase in the Greek financial assistance programme," Eurogroup President Jeroen Dijsselbloem told reporters early on Wednesday. | "We achieved a major breakthrough on Greece which enables us to enter a new phase in the Greek financial assistance programme," Eurogroup President Jeroen Dijsselbloem told reporters early on Wednesday. |
| He said a package of debt measures would be "phased in progressively", adding that he was "glad to confirm" the IMF would now stay on board. | |
| Poul M Thomsen, director of the IMF's European Department, welcomed the recognition that Greek debt was unsustainable and relief was needed. | |
| He warned, however, that the IMF board in Washington still had to agree to the fund's participation. He also said that the extent of debt relief was still not clear. | |
| The IMF and the Eurogroup have been at odds for months over the issue of reducing Greece's debt. | |
| The Greek parliament passed new budget cuts and tax rises at the weekend, in order to unblock much-needed aid to help meet the country's debt repayments over the coming months. | The Greek parliament passed new budget cuts and tax rises at the weekend, in order to unblock much-needed aid to help meet the country's debt repayments over the coming months. |
| The bill also created a state privatisation fund requested by eurozone finance ministers. | |
| Opponents of the measures demonstrated outside parliament on Sunday. | Opponents of the measures demonstrated outside parliament on Sunday. |
| The government, led by the leftist Syriza coalition, agreed to a third bailout worth €86bn (£67bn; $96bn) last year. | The government, led by the leftist Syriza coalition, agreed to a third bailout worth €86bn (£67bn; $96bn) last year. |
| Debt repayment | Debt repayment |