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Greece in debt relief breakthrough with eurozone, IMF

People demonstrate against a new package of tax hikes and fresh cuts in front of the Greek Parliament in AthensEurozone finance ministers reached a vital deal with Greece on Wednesday to start debt relief for Athens as demanded by the International Monetary Fund, and to unlock 10.3 billion euros ($12 billion) in bailout cash. The US-based International Monetary Fund had said that easing Greece’s huge debt burden was a condition for its continued participation in the bailout programme, despite opposition from Germany to giving Athens more favours. After hammering out a deal at late night talks in Brussels, Eurogroup chief and Dutch Finance Minister Jeroen Dijsselbloem said the ministers had achieved a “major breakthrough”.

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