Eurogroup reaches agreement on final loan and debt relief for Greece

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However, the key part of the agreement are the relief measures that should allow the Greek debt, which is close to 180 per cent of GDP, to be sustainable and the markets to regain confidence in Athens' ability to honour their commitments.

Taking all the twists and turns into account, Germany's federal government has raked in 2.5 billion euros of profit on Greek debt, while public investment bank KfW has notched up 400 million euros of interest payments on a loan to Athens - a total of 2.9 billion euros.

"We have a deal on Greece", a European source said confirmed by other official sources, after more than six hours of talks dominated by last minute resistance by Germany.

"We believe that the debt is now viable, we can have access to the markets now and in a context of surveillance and by continuing our reforms we can pursue this", Greek Finance Minister Euclid Tsakalotos said after the meeting.

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Finance Ministers from the 19 countries that use the single currency are seeking to agree on debt relief and a sizeable cash cushion for Greece that will reassure financial markets on the ability of Athens to stand on its own.

The extension of maturities and deferral of interest and amortisation payments are to reassure investors that Greece can handle servicing its debt long into the future - a confidence booster needed all the more amid growing market concerns over looming trade wars and rising eurosceptism.

The ministers finalised the last revision of the third bailout program after verifying that Athens has complied with the 88 requirements, and consequently approved a final disbursement of 15 billion euros.

"I think it is the end of the Greek crisis", Tsakalotos said in Luxembourg early Friday.

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"Now we should all, we and our partners, acknowledge that what was achieved was thanks to the sacrifices of Greek people", Pavlopoulos said on his part.

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. The country has required three worldwide bailouts.

"The additional debt relief measures announced today will mitigate Greece medium-term financing risks and improve medium term debt prospects", the International Monetary Fund's managing director Christine Lagarde told a news conference.

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