Eurozone finance ministers have reached agreement on a vital second bailout for heavily indebted Greece.

欧盟财政部长们就负债累累的希腊进行第二轮援助问题达成一致协议。

The deal, which came after more than 13 hours of talks in Brussels, will provide Athens with loans worth more than 130bn euros (£110bn; $170bn).

Greece needs the funds to avoid bankruptcy¹ on 20 March, when maturing loans must be repaid.

In return, Greece will undertake to reduce its debts to no more than 120.5% of its GDP by 2020.

After five straight years of recession, Greece's debts currently amounts to more than 160% of its Gross Domestic Product.

The euro rose on reports of the deal.

Deeper cuts

The agreement was announced early on Tuesday by Jean-Claude Juncker, prime minister of Luxembourg and chairman of the eurozone finance ministers group.

Mr Juncker said the "far-reaching" deal would lead to "a very significant debt reduction for Greece" and insure its future within the eurozone.

The head of the IMF, Christine Lagarde, who also took part in the negotiations², said the deal "should give enough space for Greece to restore its competitiveness".

She added that she would hold further discussion on the agreement during a meeting of the IMF board in the second week of March.

The agreement could resolve Greece's immediate³ financing needs, analysts⁴ say, but seems unlikely to revive（使复兴） the country's shattered economy.

The BBC's Stephen Evans in Brussels says it will mean deeper cuts in public spending that Greece had planned to.

A first rescue package worth 110bn euros in 2010 was not enough to avert⁵ Greece's deepening crisis.