George Osborne: Greece debt deal 'significant'

Eurozone ministers and officials from the IMF have agreed a second big bailout of the Greek economy, to prevent an imminent default on its debt.

The Chairman of the eurogroup, Jean-Claude Juncker, said the deal would secure Greece's future in the eurozone.

In return, Greece will have to give priority to paying off its debts over the funding of government services.

Speaking before a meeting in Brussels, the British chancellor George Osborne said the deal was a "significant step".