Eurozone ministers accept 130bn euro loan for Greece

Eurozone ministers have reached an agreement on a second bailout for Greece after endless talks in Brussels.

The country needed the funds to avoid default on March 20. Greece's Prime Minister Lucas Papademos welcomed the news. "It's no exaggeration to say that today is a historic day for the Greek economy," he said.

The 130bn euro loan, meant to help the country repay its debt, was approved under strict conditions on Tuesday.

In exchange for the rescue deal, Greece accepted an "enhanced and permanent" presence of EU monitors that will make sure the promised reforms are implemented.

The country is also expected to cut its debts to 120.5% GDP by 2020. Greece currently owes 160% of its Gross Domestic Product.

However, an expert report published by Reuters is warning that Greece will need more support to reach its debt reduction plans.

The Greek parliament is due to vote on the bailout on Wednesday.