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EU grants new Greece bailout after night session

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EURO CRISIS: Following 13 hours of discussions that went far into Tuesday morning, Eurozone finance ministers and the IMF could finally secure the needed support for new a second Greece bailout loan, badly needed by the debt-riddled country.

Agreement on the 130-billion-euro ($172 billion) rescue package, subject to strict conditions, will help draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent Greek bankruptcy, Reuters reports.

“We have reached a far reaching agreement on Greece’s new program and private sector involvement that would lead to a significant debt reduction for Greece and pave the way towards an unprecedented amount of new official financing … to secure Greece’s future in the euro area,” Luxembourg’s Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, told a news conference.

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The editor of the Traveling Reporter works as a business news editor, and is a frequent traveler. When not doing any of that, he spends time on his boat and tries to figure out where to travel next. Two of his top destinations are the Philippines and San Francisco. Email Erik! Follow the Traveling Reporter at Stumbleupon, Tumblr, Chime In, Pinterest, Google+, Weibo, Storify, Facebook, Traveldudes, Myspace.