Greece has secured a 4-month extension of its bailout.
The country's eurozone partners have finally signed-of on its reform plans after days of marathon negotiations.
As part of the agreement, Greek authorities are promising to combat tax evasion and corruption, as well as institute reforms in public sector.
Finance ministers from the Eurozone have finalized the agreement through a tele-conference chaired by the Eurogroup president Jeroen Dijsselbloem.
"The following must be organised very quickly, now, I mean in the next few weeks or months: customise the program and look at ways to deploy it - there are four months to do that, then there may be new money available that way, actually we are also still looking ahead of course, I mean, the question is still what should be done afterwards, there was nothing decided about it."
The respite still needs to be ratified by some national parliaments in the coming days before becoming official.
When approved, it will avert a potential banking meltdown and bankruptcy for Greece.
The new administration in Greece has been pressing for a re-negotiation of the terms of its 340-billion US dollar bailout, with the far-left Syriza Party being elected on a platform to end the austerity which Greece has been living under since its bailout program was first launched.
