Eurozone,IMF Agree on New Deal

(Brussels) – Eurozone finance ministers struck a new deal with the IMF to slice more than 40 billion euros ($52 billion) off Greece’s massive debt burden by 2020; in turn freeing up long-blocked loans. “The decision will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece,” said European Central Bank President Mario Draghi welcoming the agreement.
In a key step towards restoring financing to Athens, Greece’s public creditors agreed to take measures to bring down the country’s debt-to-GDP ratio. The ministers have also agreed to release 43.7 billion euros after months in which Greece was starved of bailout financing.