Eurogroup reaches agreement on Greek debt

Eurozone finance ministers have reached and agreement with the International Monetary Fund over how to make Greece’s debt sustainable.

The details of the agreement are not yet available but reports suggest that the two sides agreed after about 12 hours of talks that Greek debt should stand at 124 percent of GDP in 2020.

Greece also looks set to get the 44 billion euros of bailout funding it expected this year, although this may come in three instalments, according to reports.

Leaving the meeting in Brussels, European Central Bank president Mario Draghi, hailed the agreement.

"I very much welcome the decisions taken by the ministers of finance,” he said. “They will certainly reduce uncertainty and strengthen confidence in Europe and Greece."

The ECB is reportedly set to return to Athens 11 billion euros of profits from its purchase of Greek bonds as part of the effort to reduce the country’s debt.