Eurogroup chief announces second Greek bailout

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

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.

He added: "Greece has announced that it will aim to introduce the concept of absolute priority of debt service payments in its legal framework in the next coming two months and later on in its constitution."