Breaking New: Eurogroup Agrees To Third Bailout Over Greece Crisis.

German Finance Minister Wolfgang Schaeuble (left)

Eurozone finance ministers have agreed on a new bailout deal for

Greece after Athens backed the plan.
Eurogroup chairman Jeroen Dijsselbloem thanked the creditors and the Greek government, saying: "All the intense work of the past week has paid off."
The deal demands tax rises and more tough spending cuts in return for a €85bn (£61bn, $95bn) bailout - Greece's third in five years.
It is needed to stop Greece exiting the eurozone and to avert bankruptcy.
But it comes at a heavy political price for Greek Prime Minister Alexis Tsipras, who has faced a rebellion in his left-wing Syriza party.

More than 40 Syriza MPs voted against him when parliament decided on the bailout agreement on Friday, after all-night talks.
Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.

'Optimistic'

Announcing the "comprehensive and ambitious reform package", Mr Dijsselbloem said: "If implemented with determination, it will allow the Greek economy to return to growth."
President Jean-Claude Juncker said: "The past six months have been difficult. They have tested the patience of policy-makers and they have tested the patience of our citizens even more.
"Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments."

He added: "The message of today's Eurogroup is loud and clear: on this basis, Greece is and will irreversibly
Arriving at the 19-member Eurogroup meeting in Brussels earlier, Germany's finance minister - one of Mr Tsipras's harshest critics - had been upbeat.
"I am actually quite optimistic that we shall reach a result today, the preparations have advanced pretty well," Wolfgang Schaeuble said.
remain a member of the euro area."
Source: BBC