Greece strikes deal to extend EU bailout

Greece strikes deal to extend EU bailout
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European leaders struck a late-night deal Friday to extend bailout funding to Greece in exchange for the promise of some economic reforms, according to reports, in a deal to keep the country in the European Union.


The four-month extension is reportedly contingent on Greece writing up a list of economic and budget reforms to implement over the next several months, including anti-corruption measures, while keeping some other financial austerity measures in place. 

The exact terms are unspecified but could be sent Monday and approved as early as Tuesday. 

The agreement avoids an immediate financial crisis for the country and keeps it in the Eurozone. The deal would unlock more funds from a previous bailout worth hundreds of billions of dollars. The move is expected to give time for the country to negotiate a third bailout package after years of financial turmoil, according to reports

Greece’s new government came to power last month criticizing the bailout program and austerity measures imposed on it. While some saw the deal as a concession for the new government, Greece Prime Minister Alexis Tsipras framed it as an early success. 

"We won a battle, but not the war. The difficulties lie ahead of us," he said, according to the Associated Press.