Greece, Eurozone Strike a Deal
Nation will get a 4-month extension of bailout
By Newser Editors and Wire Services
Posted Feb 20, 2015 2:28 PM CST
Greece's Prime Minister Alexis Tsipras, right, and Finance Minister Yanis Varoufakis.   (AP Photo/Petros Giannakouris)

(Newser) – Greece and its creditors in the 19-country eurozone reached an agreement today on the country's request to extend its bailout. Jeroen Dijsselbloem, the eurozone's top official, says the deal will extend Greece's loans for another four months. The Wall Street Journal's take: "The four-month extension falls short of the six months Greece had requested Thursday and strengthens the hand of the country’s creditors in negotiations for a follow-up deal."

Dijsselbloem says today's agreement was a "first step in this process of rebuilding trust" between Greece and its euro partners and allows for a strategy to get the country "back on track." Greece must provide a list of reforms based on the country's current bailout program for assessment on Monday. The breakthrough helped global markets, with the euro and stock markets in the US rising. The Dow was up more than 140 points in the immediate wake of the news.