Photo: ECB

UPDATE:Ministers in Brussels have a confirmed that a deal has been reached to disburse more aid to Greece.

Eurogroup President Jean-Claude Juncker has just started the press conference with the news that a deal has been reached.

The full press conference is here.

EARLIER: The buzz out of Brussels is that a deal to give Greece yet another bailout is at hand.

Jan Strupczewski and Annika Breidthardt at Reuters report:

Euro zone finance ministers and the International Monetary Fund clinched agreement on a new debt target for Greece on Monday in a breakthrough towards releasing an urgently needed tranche of loans to the near-bankrupt economy, officials said.

After nearly 10 hours of talks at their third meeting on the issue in as many weeks, Greece’s international lenders agreed to reduce Greek debt by 40 billion euros, cutting it to 124 per cent of gross domestic product by 2020, via a package of steps.

On the other hand, Dow Jones’ Matina Stevis suggests on Twitter that some details are still being worked.

She tweets:


Photo: Matina Stevis

The euro is ticking higher.

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