Eurozone finance ministers have reached a deal on a second Greece bail-out after all-night talks, including Dutch finance minister Jan Kees de Jager’s demand for strengthened monitoring of Greece’s compliance.

De Jager entered the meeting at 4 pm on Monday afternoon, calling for the troika of the European Union, the European Central Bank and the International Monetary Fund to be given a ‘permanent position’ within Greece to ensure economic reforms are made, according to press reports.
That demand was accepted by the time the meeting ended early on Tuesday morning. ‘Monitoring will be stronger than is normally the case with the IMF,’ De Jager told the press.
Blocked account
The loan of €130bn will be paid into a blocked account to ensure that after the imminent general election, a new Greek government cannot go back on the deal.
Under the deal, Greece’s debt pile will drop to 120.5% of its GDP by 2020. Its private creditors have agreed to take deeper losses on their Greek debts. They have been asked to increase their ‘haircut’ to 53.5% of the nominal value of their bonds, an increase on their previous maximum of 50%.
‘If Greece keeps to this agreement and the parliaments of the eurozone countries ratify it, a Greek default has been avoided for the time being,’ De Jager said.
The Dutch parliament is due to vote on the agreement next week.
Eurozone ministers back new bail-out for Greece