Greece bailout will be extended for 4 months

Austria’s finance minister Hans Jörg Schelling said the Eurozone approved a four-month extension on Greece’s bailout, subject to Athens submitting details on the reform and budgetary measures it plans to take by Monday.

The four-month extension is two months short than Greece had requested on Thursday and strengthens the position of the country's creditor.

“We agreed on four months under conditions,” Schelling said.

Greece must now submit a list on Monday of measures it will undertake in return and “the institutions check whether the list is sufficient,” he added.