Greece creditors agree on deal

After €300 billion in aid, Greece will exit its bailout on shaky ground

Euro zone finance ministers on Friday extended maturities and deferred interest of a major part of their loans to Greece along with a big cash injection to ensure Athens can stand on its own feet after it exits its bailout in August.

Greece's massive debt came to light in 2009. "We take note of the commitment by Greece's European partners to keep debt sustainability under review and to take additional debt relief measures if needed".

Unlike the first two Greek bailouts, the International Monetary Fund did not join the latest Greek programme with it its own loans, but will continue to monitor Greece's performance alongside the euro zone.

"A new chapter is opening for the country, but that does not mean that we should abandon the prudent path of fiscal balance and structural reforms our country needs", Tsipras said in statements broadcast live on Greek public broadcaster ERT.

The ministers needed to finalise a deal between Greece and its worldwide creditors that would allow it to safely emerge from its third and final bailout program on August 20 and face the markets again.

Germany has earned some 2.9 billion euros ($3.5 billion) since 2010 on Greek debt bought to help the struggling country, a government report seen by AFP showed Thursday. He said soon after being elected that he would only wear one when Greece had settled its debt problems.

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But a 2014 tranche of 387 million euros was held by the ESM, part of a 1.8 billion-euro total earmarked to cover some Greek debt payments in exchange for the government pressing ahead with reforms demanded by its creditors.

"Nobody should lose money of course", said European Union (EU) Economic Affairs Commissioner Pierre Moscovici at a news briefing in Brussels on Wednesday.

"We believe that the debt is now viable, we can have access to the markets now and in a context of surveillance and by continuing our reforms we can pursue this", Greek Finance Minister Euclid Tsakalotos said after the meeting.

However, Tzanakopoulos said there was no truth in speculation that this deal was tied in any way to Greek debt relief.

This will provide Greece with a financial cushion of 24 billion euros, with which Athens could pay off its debts in the next 22 months without having to resort financing on the market to support itself.

The eight-year crisis toppled four governments and shrank the economy by 25 percent.

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