Brussels: Greek bailout deal reached

Source: euronews, BBC

BRUSSELS -- Eurozone finance ministers on Tuesday reached an agreement on a second bailout for Greece, after 13 hours of talks held in Brussels.

Greek PM Lucas Papademos and Finance Minister Evangelos Venizelos are seen in Brussels (Beta/AP)

In return for loans worth more than EUR 130bn, Greece will have to reduce its debts to 120.5% of its GDP by 2020.
The country will also accept an "enhanced and permanent" presence of EU monitors to oversee economic management, the BBC reported.

Greece's debt currently amounts to more than 160% of its GDP.

Meanwhile, Greeks were "urged not to buy German and Dutch goods", euronews reported.

The boycott is meant to express protest against harsh economic austerity demands from the two countries, while items in question range from electronics to dairy products.