Greece strikes deal with creditors to unlock bailout funds

Athens has struck a deal with its international creditors on Tuesday over measures it will need to implement in order to unlock around €12bn (£8.4bn) in loans.

The funds will allow Athens to pay off €2bn of state debt, while the remaining €10bn will be used to recapitalise the nation's banks.

The agreement is expected to be approved by Eurozone officials later on Tuesday, with a final decision at the end of the week.

"I am happy to confirm that agreement has been reached on the remaining measures needed to complete the first set of milestones," European economic and monetary affairs commissioner Pierre Moscovici told a press briefing in Brussels.

"We expect finalisation of the process to take place shortly following the swift adoption of necessary legislation by the Greek Parliament on Thursday.”

The main compromise was on the foreclosure law. Under the new measures, assistance for distressed mortgage holders will be maintained but fewer people will qualify for foreclosure protection.