Euro countries have agreed to extend the Greek loan program for four months, according to Reuter.
After many preliminary meetings and discussions behind the scenes, the 19 finance ministers of the eurozone on Friday night finally agreed to extend the Greek loan program.
- It's done. Four months, a source told Reuters.
Details of the agreement were not immediately clear, but Greece on Monday must put forward a list of reforms.
It has been some tough negotiations with steep fronts between the new government in Athens and the other euro countries with Germany in the lead.
While the Greek authorities have promised voters new terms, the euro countries demanded that strict requirements on reforms and austerity measures continued along with a loan extension.
The loan program totaling 240 billion euros has kept the Greek economy afloat since 2010, but expires at the end of the month. Without any extension, the market feared confusion, state bankruptcy and withdrawal from the euro for the Greeks.
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