Eurozone officials reach accord with Greece to extend bailout

Ending an acrimonious standoff, European leaders hashed out a deal on Friday to extend Greece’s bailout by four months, giving the troubled country a financial lifeline and avoiding a bankruptcy with potentially destabilizing consequences for the region.

The agreement could mean more bailout funds for Greece, which already owes 240 billion euros, or $273 billion. However, that would only happen if the country meets certain conditions, including reforms.

Greece is required to make labor laws more flexible and root out corruption, according to the New York Times.

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