Advertisement

Greece Agrees Deal With Eurozone

Channels Television  
Updated February 20, 2015

greeceGreece and eurozone nations have agreed a deal to extend financial aid after bailout talks, officials said.

An agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area.

It provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors.

Euro zone finance ministers reached an agreement to extend Greece’s financial rescue by four months, according to officials on both sides.

Euro zone officials said the accord required Greece to submit by Monday a letter to the Euro-group, listing all the policy measures it planned to take during the remainder of the bailout period, to ensure they complied with conditions.

The deal removes the immediate risk of Greece running out of money next month.

It also provides a breathing space for the new Greece government to try to negotiate longer-term debt relief with its EU creditors.

The euro gained against the US dollar on Friday following the announcement.

Sebastien Galy, a foreign exchange analyst at Societe Generale, said: “It certainly looks like we’re moving away from disaster. It should help a stress that has been building up in the market to be released.”