Greece and Europe have a deal

Greece and Europe have reached a deal.

According to Reuters, one official said, “It’s done. For four months.”

An agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area.

According to Reuters, the deal provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors.

Euro zone officials said the accord required Greece to submit by Monday a letter to the Eurogroup listing all the policy measures it planned to take during the remainder of the bailout period, to ensure they complied with conditions.

Officials said an outline deal was reached in preparatory talks involving the Greek and German finance ministers, as well as the managing director of the IMF. It was then agreed by the full 19-member Eurogroup, ending weeks of uncertainty.

Eurogroup officials are scheduled to hold a press conference shortly to discuss the agreement.

More to come …

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