Greece bailout extended for four months

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A deal for Greece… as Eurozone finance ministers reach agreement on Friday evening to extend the country’s international bailout package for four months.

It removes the risk of Greece running out of money next month – an outcome that could have led to the country being forced out of the single currency area.

And gives Greece’s new leftist government time to negotiate longer-term debt relief.

The government, led by Prime Minister Alexis Tsipras, came to power in January on pledges to end austerity policies.

But Germany – Greece’s largest creditor – demanded more commitment from Athens to the bailout’s strict conditions on budget discipline and economic before agreeing to the extension in eurozone funding.

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