European leaders have agreed on a plan to reduce Greece's debts and provide it with more rescue loans so that the faltering country can eventually dig out from under the burden.
After a marathon summit, EU President Herman Van Rompuy said early Thursday that the deal will reduce Greece's debt to 120 percent of its GDP in 2020. Under current conditions, it would have grown to 180 percent.
Van Rompuy also said the eurozone and International Monetary Fund, whose loans have been propping up the country since May of 2010, will give the country another euro100 billion ($140 billion).
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