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'Greece has kept its commitments'

27 November 2012 Last updated at 02:17 GMT

Eurozone finance ministers and the IMF have reached a deal on an urgently needed bailout for debt-laden Greece.

They have agreed to cut debts by 40bn euros ($51bn; £32bn) and have paved the way for releasing the next tranche of bailout loans - some 44bn euros.

The European Union's commissioner for economic and monetary affairs, Olli Rehn, and the managing director of the IMF, Christine Lagarde said that the agreement was possible because Greece had shown that it was "serious about reform".

It was the eurozone's third meeting in two weeks on Greece.