Eurozone ministers back 130bn-euro bailout for Greece
Under the deal hammered out in Brussels
- Greece will undertake to reduce its debt to 120.5% of GDP by 2020
- Private holders of Greek debt will take losses of 53.5% on the value of their bonds, with the real loss as much as 70%
- Greece's economic management will be subjected to permanent monitoring by eurozone experts on the ground
- Greece will amend its constitution to give priority to debt repayments over the funding of government services
- Greece will set up a special account, managed separately from its main budget, that must always contain enough money to service its debts for the coming three months