Eurozone finance ministers have agreed a second bailout for Greece after marathon talks in Brussels.
Greece will get loans of more than 130bn euros (£110bn; $170bn) and have about 107bn of its debt written off.
In return, it must slash its debt from 160% to 120.5% of GDP within eight years and accept a permanent EU economic monitoring mission.
The country needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.
The euro immediately rose on reports of the deal, which was announced early on Tuesday, after 13 hours of talks.
But a report by international experts obtained by Reuters news agency and the Financial Times warned Greece would need more help if it was to meet its debt reduction target.
The confidential report was drawn up for the international “troika” set up to help Greece – drawn from the IMF, European Central Bank and European Commission.
It warned Greece would remain “accident-prone” in coming years.
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
The Greek parliament is expected to vote on the bailout on Wednesday.
