These measures will be linked to Greece's performance after the end of its bailout, and will be disbursed in slices over the next four years as long as the country doesn't stray from its pre-agreed reforms and budget path.
"If everything goes well we will have an exit of Greece from its programme in August, this is very good news", a senior eurozone official said ahead of the talks in Luxembourg.
An activist who urged Greeks not to pay their taxes, claiming he had access to enough money to pay off the country's enormous debt, has been remanded in custody pending trial on criminal fraud charges. "I think it is the end of the Greek crisis.a historic moment".
Over those years, Greece twice got perilously close to being kicked out of the eurogroup, EU Commissioner Pierre Moscovici said.
Yields on Greek bonds dropped with the 10-year note falling as much as 1.01 percent at 11.57 am Athens time on Wednesday to nearly a month low, while the Athens Stock Exchange General Index rose as much as 1.1 percent in intraday trading amid optimism that euro-area finance ministers will reach a deal on Greece on Thursday. "The question of the Greek debt is behind us". The main stock index was up 1.6 per cent.
Under pressure from its creditors, Greece has already agreed to slash pensions again in 2019, and reduce the tax-free income threshold for millions of people in 2020.
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"What follows is tough oversight which no other country has experienced in a post-bailout period", the daily said. A deal to ease Greek debt has always been seen as a key ingredient in the country's successful return to economic health and foray back into financial markets.
"We welcome the Eurogroup's readiness to consider further debt measures in the long term in case adverse economic developments were to materialize", European Central Bank President Mario Draghi said.
Opposite the hardliners were France and the European Central Bank, which argued that reduced debt was crucial in order for Greece to gain the trust of the markets.
Euro zone finance ministers extended maturities and deferred interest of a major part of their loans to Greece and agreed a big cash injection to ensure Athens is able manage a debt level that many feared was unsustainable.
Under German demands, Greece's debt relief in the short-term will be conditional on the continued implementation of agreed reforms, which if successful could inject about one billion euros to the government's underfunded budget every year.