Greece agrees with Eurozone deal, gets four-month extension

Greece and eurozone countries last night agreed a deal to extend Greece’s financial rescue programme by four months. Dutch finance minister Jeroen Dijsselbloem, head of the Eurogroup, said that Athens had pledged to honour all its debts.

"This is a very positive outcome," he told a news conference on Friday night. "I think tonight was a first step in this process of rebuilding trust. As you know trust leaves quicker than it comes. Tonight was a very important, I think, step in that process.”

In return for the extension, Greece has agreed to present an initial list of reform measures by Monday.

Yanis Varoufakis, the Greek finance minister, said he would work night and day between now and Monday to devise the new list.

The BBC reports that Eurozone officials will then review the reforms and see if they go far enough to appease creditors. If finance chiefs are left unsatisfied, there is still a chance the deal will be scrapped.

Varoufakis added that Greece had not used threats or bluff during the talks: "The four-month period will be a time to rebuild new relations with Europe and the IMF."

However, he said the deal would be "dead" if the list of Greek reforms was not agreed, AFP reported.

Friday's extension was sealed just days before Greece's bailout programme ends on 28 February.

Dijsselbloem described the Eurozone meeting as “intense” as attempts to build trust with the new Greek government were made.

“I think tonight was a first step in this process of rebuilding it. As you know trust leaves quicker then it comes and tonight was a very important, I think, step in that process,” he said.