The deal with Eurozone countries gives Greece ten more years to pay back over 96 billion euros
After eight years of harsh public spending cuts and economic reforms, Greece has reached a deal with creditors on debt relief.
The repayment of 96 billion euros will be pushed back by ten years to allow the country to get back on its feet after the bailout programme ends in August this year.
Another key part of the plan includes increasing the size of Greece’s final installment of bailout money to 15 billion in order to help build up cash reserves that can sustain it over the next 22 months to come.
"Greek debt is sustainable going forward and for the future," said Eurogroup President Mario Centeno. "We reaffirmed our commitment to continue to support Greece and its people in its reform efforts to stay on the course of sustainable growth."
French Economy Minister Bruno Le Maire was also confident the plan would work:
"I think that this is the final agreement that we expected on the question of Greek debt. We have spent a lot of time to find an agreement and to find a compromise. I will think that this is a good compromise, a solid one and that it will allow the Greek economy to recover. The question of the Greek debt is behind us."
Greeks have seen their salaries and standard of living plummet over the past eight years, and there is little sign of much relief in the near future.
This latest agreement was reached after a series of mainly bilateral meetings with key players such as France and Germany, but although the deal does breathe new life into Greece, at least until 2032, it also comes with continued strict fiscal targets and post-bailout scrutiny of its implementation.