Eurozone finance ministers have reached agreement a vital second bailout for Greece, officials involved in the negotiations say.THIS IS A GOOD BUT TEMPORARY FIX.
The deal, which came after late-night talks in Brussels, is said to be worth 130bn euros (£110bn; $170bn).
Athens needs the funds to avoid bankruptcy next month, when maturing loans must be repaid.
In the latest bailout deal, Greece is to receive loans worth more than 130bn euros (£110bn; $170bn).
In return, it will undertake to reduce its debts to 120.5% of its GDP by 2020 and accept an "enhanced and permanent" presence of EU monitors to oversee economic management.
Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.
"Effectively Europe's banks have been given almost half-a-trillion euros at 1%, very cheap money that has sort of ring-fenced the banks from the crisis. The thinking is that banks will not go bust if Greece fails," said Louise Cooper, market analyst at BGC Partners.
But she said few in the markets thought the latest bailout was the answer.
"This just puts off the inevitable. It's the second deal in two years. You're talking almost 20,000 euros per person [in Greece] in total bailout funds and even that amount has not solved Greece's problems. That suggests the money has not been well spent," she added.STAY TUNED...