Photo: EU

ORIGINAL POST: SEE UPDATES BELOW: It’s late in Brussels, and the Eurocrats are still at it.An announcement is expected tonight, confirming that Greece will get its second bailout, averting a hard default come March.

But at the moment, there’s still nothing official, and knowing how these go, there may not be anything for a while.

One issue that’s apparently still in question: Will Greece be faced with a permanent outside authority mandating reforms and budget controls.

We’ll be updating this space as warranted.

Meanwhile, the Euro is holding steady in early trading.

Update: 7:45: Still nothing from the Eurogroup. Just more meetings. It’s getting to be a looong night.

Update 9:05: Still nothing from the Eurogroup. This is going LATE. It’s 3:05 AM in Brussels and they’re still talking

Update 9:58: There’s a report of a deal in Greece. Just tweeted out by Reuters’ Luke Baker: Euro zone finance ministers strike deal on second Greek package. Financing of 130 bln euros, debt-to-GDP of 121 pct by 2020 – Reuters

Other media organisations have corroborated the same details. A statement still needs to be worked out apparently.

Update 10:11: The euro is shooting higher on the news.

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