Greece and lenders clinch bailout deal

Greece and its international lenders reached a multibillion-euro bailout agreement yesterday, potentially saving the country from financial ruin.

The agreement, reached after a 23-hour session of talks, must still be adopted by Greece’s parliament and eurozone countries. Finance ministers are due to meet on Friday, giving time to finalise the deal before a major debt repayment next week.

The negotiations appeared to have resolved all the main outstanding issues, after Greece’s leftist government effectively capitulated last month to creditors’ demands for deep austerity measures in order to receive loans.