Eurozone, IMF extend significant debt relief to Greece

Greece has been granted some breathing space even as long-frozen Euro Zone loans are expected to restart from December with the first clear admission that a part of the country's debt burden would have to be written off down the line.

Following 13 hours of talks in Brussels, the Euro Zone and the International Monetary Fund agreed to unlock €43.7 billion euros ($56 billion) in loans as also the need to grant significant debt relief over the decades to come.

Greece would need to comply with a series of agreed conditions, and the decision is expected to reduce the  uncertainty and strengthen confidence in Europe and in Greece, according to European Central Bank president Mario Draghi.

Denied bailout financing since the summer, Greek prime minister Antonis Samaras welcomed the deal in Athens, even as German finance minister Wolfgang Schaeuble said the package would be presented to German lawmakers by the week end.

Other member states too would need to obtain the approval of the parliament for the deal. According to Samaras who spoke to reporters in Athens, everything had gone well.

He said all Greeks had fought for the decision and tomorrow was a new day for them.