EU officials agree on Greek bailout deal

Eurozone finance ministers on Tuesday reached an agreement on a second bailout for Greece, after 13 hours of talks held in Brussels.

In return for loans worth more than EUR 130bn, Greece will have to reduce its debts to 120.5% of its GDP by 2020.

The country will also accept an “enhanced and permanent” presence of EU monitors to oversee economic management.

Greece’s debt currently amounts to more than 160% of its GDP.