The Greek government has agreed to permanent monitoring of its budgets and spending in return for a second bail out deal from Brussels.
Eurozone Finance Ministers reached a deal after 14 hours of talks in Brussels.
A new memorandum of understanding detailing the programme will be made public today.
The Greek government is expected to implement its contents immediately.
The €130 billion deal hopes to avert a chaotic default in March after persuading private bondholders to take greater losses and Athens to commit to deep cuts.
After 13 hours of talks Ministers finalized measures to cut Greek debt to 120.5 % of GDP by 2020.
By agreeing that the European Central Bank (ECB) would distribute its profits from bond buying and private bondholders would take more losses the Ministers reduced the debt to a point that should secure funding from the International Monetary Fund (IMF) and help shore up the 17-country currency bloc.
Newstalk’s Shona Murray is in Brussels.
She outlined the deal to Breakfast here on Newstalk.
The Euro jumped more than one US cent within minutes of the announcement from Brussels.
