According to the agreement, Greece will have to maintain a primary budget surplus of 3.5% of GDP, a condition the IMF argued as impossible, just a few days ago.

Please consider Greece Reaches Debt Relief Breakthrough with Creditors.

Creditors have decided on measures to provide short, medium and long-term debt restructuring on Greece's 180 per cent debt mountain, having been locked in eleven hours of negotiations in Brussels, ending at 2am local time, writes Mehreen Khan in Brussels.

As part of its measures, Greece will gain a short-term re-profiling of its loans, while more expensive debt could be "swapped" with cheaper loans to bring down the country's overall financing costs.

A statement from finance ministers said:

"The Eurogroup agreed today on a package of debt measures which will be phased in progressively, as necessary to meet the agreed benchmark on gross financing needs and will be subject to the pre-defined conditionality of the ESM programme."