Fresh Greek bailout deal to slash debt by €40bn

Eurozone finance ministers have negotiated a rescue package for the rapidly deteriorating Greek economy following ten hours of intense talks in Brussels.

In response Greek Prime Minister Antonis Samaras said "a new day begins for all Greeks", the BBC reported. As part of the deal with the International Monetary Fund (IMF), Greece's debts will be slashed by €40bn (£32bn) and the path to the next tranche of bailout loans worth another €44bn has also been set. Another €9.3 billion will be paid in three "tranches" in the first three months of next year. Greece has already received €150bn in rescue loans, will a total of €240bn to be pledged overall. Asian stock markets gained on news of the deal. Japan's Nikkei 225 climbed 0.37% to 9,42...