Eurozone reaches Greek deal

Key figures have reacted to last night's deal to reduce Greece's debt.

IMF Managing Director Christine Lagarde: "The IMF wanted to make sure the euro partners would take the necessary actions to bring Greece's debt on a sustainable path. I can say today that it has been achieved."

European Central Bank chief Mario Draghi: “I very much welcome the decisions taken by the ministers of finance. The decision will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece.”

Jean-Claude Juncker, head of the eurogroup: “This is the promise of a better future for the Greek people and for the euro area as a whole, a break from the era of missed targets and loose implementation.”

Greek prime minister Antonis Samaras: "Everything went well... All Greeks fought together. A new day begins."

Eurozone finance chief Jean-Claude Juncker said the agreement includes:

• A plan to reduce Greece's debt level to 124% of its GDP by 2020 and below 110% by 2022. The IMF had originally insisted on a debt-to-GDP ratio of 120% by 2020.

• A cut of 100 basis points on the interest rate charged to Greece by other Eurozone member states, excluding those countries also receiving bailouts.

• A 15-year extension of the maturities of loans from other countries and the eurozone's bailout fund - the European Financial Stability Facility - and a deferral of interest payments by Greece on EFSF loans by 10 years.
  

Greek Prime Minister Antonis Samaras welcomed the Eurozone finance minister's decision to reduce its debt target as a great victory.

"As Greeks, we fought together. And tomorrow a new day begins for all Greeks," Mr Samaras said.

Eurozone finance chief Jean-Claude Juncker said the first disbursement of the Greek bailout loan is set to be released on December 13, the Associated Press reported.

"This is not just about money," Mr Juncker said. "It is the promise of a better future for the Greek people and for the euro area as a whole".

European Central Bank President Mario Draghi said he "very much" welcomed the Eurozone finance minister's decision to reduce the Greek debt target.

Mr Draghi said following the meeting in Brussels that it would "certainly reduce the uncertainty and strengthen confidence in Europe and in Greece".

Eurozone finance ministers and the International Monetary Fund have reached a deal on an urgently needed new debt target for Greece.

After nearly 10 hours of discussion, the officials agreed to reduce Greek debt by €40 billion (£32.4 billion), paving the way towards releasing an urgently needed tranche of bailout loans.

The debt has been cut to 124 percent of gross domestic product by 2020.