Eurozone finance ministers agree on new bailout for Greece Friday Aug 14,2015

Eurozone finance ministers have agreed on a new bailout deal for Greece after Athens backed the plan.

European Commission President Jean-Claude Juncker said the deal sent a message "loud and clear" - Greece will stay in the eurozone

The deal means new loans of up to €86bn ($95bn; £61bn) will be made available over the next three years.
The first tranche will be of €26bn - €10bn to recapitalise Greek banks and €16bn in several instalments, the first of which - €13bn - will be made by 20 August, when Greece must repay about €3.2bn to the European Central Bank (ECB)

IMF managing director Christine Lagarde said the deal was "an important step forward" but stressed again that Greek debt was "unsustainable" and that relief would be needed.

This could still prove to be a stumbling block to IMF participation, and Finnish Finance Minister Alexander Stubb said: "Some kind of solution will have to be found."

Arriving at the 19-member Eurogroup meeting in Brussels earlier, even German Finance Minister Wolfgang Schaeuble - one of Greek Prime Minister Alexis Tsipras's harshest critics - said he was optimistic about a deal.

Note

The Eurozone is a monetary union of 19 of the 28 European Union Member States  which have adopted the Euro (€) as their common currency and sole legal tender

18 Latvia
19 Lithuania