Greece has reached a deal with it's eurozone creditors on their request to extend their bailout for another 4 months.
The issue of Greece's debt is being closely watched by the markets as its impact extends outside the eurozone.
For the extension granted to Greece, the Greeks have in turn committed not to pursue any "unilateral" measures that may affect the country's budget targets. They have also agreed to provide Brussels with a list of reforms based on the country's current bailout programme for assessment by this coming Monday, February, 23, 2015.
Dutch finance minister Jeroen Dijsselbloem, who is also head of the Eurogroup, speaking with the media commented; "I think tonight was a first step in this process of rebuilding trust. As you know trust leaves quicker than it comes. Tonight was a very important, I think, step in that process," Mr Dijsselbloem said.
On the back of this development, the euro gained against the US dollar during trading on Friday, as the agreement removes the immediate risk of Greece running out of money next month. The BBC is also reporting that this agreement gives the new Greek government "breathing space to try to negotiate longer-term debt relief with its EU creditors."