(MENAFN) Eurogroup President, Jean-Claude Juncker, announced that finance ministers of the euro zone and the International Monetary Fund (IMF) reached a new deal to reduce Greece's debt in the long term, reported Xinhua News.
Juncker said that the new deal would see the debt-ridden country's debt lowered to 124 percent of its gross domestic product (GDP) by the end of the decade, and to decline to below 110 percent by 2022.
The target would be achieved through several measures, which include the reduction of interest rates and the extension of maturities on loans to Athens.
As the deal was reached, Greece would be able now to receive its next tranche of bailout money, which is around USD56 billion.
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