Shares and bonds are rallying after Greece’s creditors finally agreed to unlock billions of bailout loans, but many questions remain 8.01am BST Our Brussels correspondent, JENNIFER RANKIN, explains how the IMF has backed down over its demands for immediate Greek debt relief: European officials have agreed to unlock €10.3bn in bailout money for Greece as the International Monetary Fund made a significant climbdown in its demand for upfront debt relief for the recession-hit country. Greece’s international creditors emerged from an 11-hour meeting in Brussels at 2am on Wednesday having agreed on steps to ease the burden of Greece’s €321bn (£245bn) debt mountain, worth 180% of annual economic output. Related: Eurozone unlocks €10.3bn bailout loan for Greece 7.46am BST GOOD MORNING. There’s a sense of relief in the eurozone this morning after Greece and its creditors finally hammered out a deal to unlock €10bn in bailout funds, and trigger work on debt relief. Related: Eurozone reaches breakthrough on Greek bailout and debt relief - as it happened “We achieved a major breakthrough on Greece which enables us to enter a new phase in the Greek financial assistance programme.... This is stretching what I thought would have been possible not so long ago.” We welcome that all stakeholders recognise that Greek debt is unsustainable. We welcome that it is understood that Greece needs debt relief to make it sustainable. Continue reading...
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