Eurozone Finance Ministers have reached an agreement on a vital second bailout for heavily indebted Greece. The deal, which came after more than 13 hours of talks in Brussels, will provide Athens with loans worth more than 170 billion dollars. Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans have to be repaid. In return, Greece will undertake to reduce its debts to no more than 120.5% of its GDP by 2020. After five straight years of recession, Greece's debts currently amounts to more than 160% of its Gross Domestic Product. The euro rose on reports of the deal. The agreement was announced by Jean-Claude Juncker, Prime Minister of Luxembourg and chairman of the eurozone finance ministers group today. The head of the IMF, Christine Lagarde, who also took part in the negotiations, said the deal should give enough space for Greece to restore its competitiveness.