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Euro zone, IMF agree to Greek debt deal *PIC*

Euro zone, IMF agree to Greek debt deal (by Sarah Turner)

SYDNEY (MarketWatch) -- Euro-zone finance ministers, the European Central Bank and the International Monetary Fund agreed early Tuesday on a plan to cut Greece's government debt to 124% of gross domestic product by 2020 and to less than 110% of GDP by 2022, paving the way for the country to receive its next tranche of financial aid. At a news conference in Brussels, European Commissioner for Monetary Affairs Olli Rehn said that "Greece has shown that it is serious about reform," and has kept to its commitments. The euro moved higher after the news, trading just below $1.2996, up from $1.2961 ahead of the announcement.