| 1 | EUROZONE finance ministers have agreed on a third debt bailout worth 85 billion euros ($129 billion) to keep Greece afloat, EU sources say. |
| 2 | European finance ministers arrived in Brussels, Friday, to hold further Eurogroup negotiations on the new Greece bailout deal which was approved by the Greek parliament one day prior. |
| 3 | Speaking to press, President of the Eurogroup Jeroen Dijsselbloem stated that debt sustainability was still a major source of concern, hoping to get the International Monetary Fund (IMF) on board with austerity initatives in Greece that many say are being pushed by German Finance Minister Wolfgang Schauble. |
| 4 | The 85 billion ($95 billion) three-year bailout assures Greece's place in the eurozone and includes measures such as the formation of a new independent privatisation fund, the gradual increase of the pension age to 67 and a review of the spending of the social welfare system. |
| 5 | It comes ahead of the August 20 deadline for Greece's 3 billion ($3.3 billion) debt repayment to the European Central Bank. |
| 6 | EUROZONE finance ministers have approved a third debt bailout worth up to 86 billion euros ($A130 billion) to keep Greece afloat and avoid its chaotic exit from the single currency bloc, officials say. |
| 7 | "New loans of up to 86 billion euros will be made available over the next three years to Greece," the European Commission said after six hours of talks to nail down the tough and far-reaching reforms Athens must implement in return. |
| 8 | Commission head Jean-Claude Juncker said that the past six months of negotiations with the left-wing government of Prime Minister Alexis Tsipras had been difficult and testing. |
| 9 | Good news ... Greece's Finance Minister Euclid Tsakalotos (R) speaks with Spanish Finance Minister Luis de Guindos Jurado as they attend an extraordinary Eurogroup meeting on Greece at the European Council in Brussels. |
| 10 | "Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments. Greece is living up to its ambitious reform commitments," Juncker said in a statement. |
| 11 | "The message of today's (meeting) is loud and clear: on this basis, Greece is and will irreversibly remain a member of the euro area," he said. |
| 12 | Officials said a first disbursement for Greece next week could total some 13 billion euros. |
| 13 | That means Greece will have funds available to cover a debt payment to the European Central Bank due on August 20. |
| 14 | The 19 eurozone finance ministers gave their approval after Greek lawmakers voted through the accord early on Friday following a bitter all-night debate on the unprecedented series of tough and wide-ranging reforms which Greece will have to implement. |
| 15 | 'Bitter all-night debate' ... Greek Prime Minister Alexis Tsipras during the parliamentary session on the country's tough new financial reforms. |
| 16 | Picture: AP Photo/Yannis Liakos. |
| 17 | International Monetary Fund head Christine Lagarde participated in the eurozone meeting via a teleconference link and was said to have judged the agreement "positively". |
| 18 | Tsipras came to power in January on a wave of popular anger against the austerity demanded by creditors in exchange for two previous bailouts costing 240 billion euros. |
| 19 | Critics say the painful reforms have only undermined rather than help the Greek economy, which emerged from six years of brutal recession in 2014. |
| 20 | Said to be pleased with the outcome ... International Monetary Fund Managing Director Christine Lagarde. |