Eurozone gets deal to pave way for end to Greece's bailout

Greece hails 'historic' deal to end debt crisis

Greece hails 'historic' deal to end debt crisis

Under German demands, Greece's debt relief in the short-term will be conditional on the continued implementation of agreed reforms, which if successful could inject about one billion euros to the government's underfunded budget every year.

The markets' initial positive reaction to the news of the agreement was reflected on the drop of Greek state 10-year bond yields to the lowest level since mid-May to 4.11 percent, Greek national news agency AMNA reported.

Greece is slated to leave its financial rescue on August 20 and finance ministers from the 19 countries that use the single currency were under pressure to offer Athens a goodbye deal that left it strong in the eyes of the financial markets.

And it provides the country with enough ready cash to coast it over almost two more years, without having to resort to expensive global bond markets after bailout loans run out in August. "I think it is the end of the Greek crisis. a historic moment".

"The Greek crisis ends here tonight", said EU Economic Affairs Commissioner Pierre Moscovici.

"We have a deal on Greece", a European source said confirmed by other official sources, after more than six hours of talks dominated by last minute resistance by Germany.

The third and current bailout, involving €86 billion and starting in 2015, is scheduled to end on August 20.

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Tsakalotos said the deal will allow Greece to tap markets "very soon" at manageable interest rates, although the precise timing is still unclear.

They also agreed to disburse €15 billion (US$17.5 billion) to ease Greece's exit from the rescue programme.

Once the bailout is over, Greece will have to finance itself by borrowing on worldwide bond markets.

They also made a decision to have the International Monetary Fund participate in a system to monitor the country's finances, even after the bailout program ends.

"In particular, the 10-year extension of the EFSF loans' maturity and most importantly the grace period on interest payments is a significant development", they added.

The International Monetary Fund welcomed on Friday a deal on debt relief for Greece reached by Athens' euro zone creditors saying it will improve debt sustainability in the medium term, but maintained reservations on the long term. "A surplus of 3.5 per cent to 2022 and 2.2 per cent (on average) to 2060 is not easy at all", Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.

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