Greece set for new bailout

Eurozone finance ministers have provisionally agreed a new bailout package for Greece as the embattled nation struggles with its mounting debt.

The three-year deal will see the country offered a reduction in its debt in return for implementing a €6.4bn round of austerity measures in addition to accelerating its privatisation package, according to Reuters. Greece's latest bailout, agreed in principle at a meeting of European deputy finance meeting in Vienna last night, is likely to include a restructuring of its private sector debts. The size of the package was not disclosed but a Reuters source said it would involve some participation from private sector investors. If the deal gets the go ahead from the IMF and European Ce...