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European Union officials reach deal to reduce Greek debt

Written By Unknown on Tuesday, November 27, 2012 | 2:06 AM

BRUSSELS: A European Union official tells The Associated Press that a deal has been reached under which Greece's debt would be reduced to 124% of GDP by 2020.


The original goal had been 120% of GDP.

The agreement would pave the way for indebted Greece to receive the next installment of its much-needed bailout loans.

Mario Draghi, president of the European Central Bank, welcomed the agreement.

"It will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece," Draghi said.
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