Euro officials reach deal to reduce Greek debt

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Associated Press

Posted on November 26, 2012 at 8:35 PM

Updated Tuesday, Nov 27 at 12:04 AM

BRUSSELS (AP) — A European Union official tells The Associated Press that a deal has been reached under which Greece's debt would be reduced to 124 percent of GDP by 2020.

The original goal had been 120 percent of GDP.

The agreement would pave the way for indebted Greece to receive the next installment of its much-needed bailout loans.

Mario Draghi, President of the European Central Bank, welcomed the agreement.

"It will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece," Draghi said.

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