Eurozone finance ministers have reached agreement on another bailout for the Greek economy, after a 13-hour marathon meeting.
The deal is worth €130 billion and will write off some of Greece's debt, the BBC reports.
In return, Greece will undertake to reduce its debts to no more than 120.5% of its gross domestic product by the year 2020.
The ministers worked until late in the night to get the agreement, announced by the group's chair Jean-Claude Juncker.
Mr Juncker said it would lead to a very significant debt reduction for Greece and ensure its future within the eurozone. The euro rose on reports of the deal.
However, there is fear that even with a bailout and debt reduction, Greece might still be unable to pull itself out of recession.
Athens needs the bailout money by the middle of March in order to avoid bankruptcy.