Early signs of success have spread relief throughout the eurozone following a fortnight of market uncertainty. In Europe, UK and French markets are up by one per cent, while in Japan, the Nikkei closed up 1.2 per cent. The euro continues to rise against the dollar.
The aid package contains a number of measures intended to ease Greece's financial crisis and prevent the spread of uncertainty into other eurozone economies. Greece, Portugal and the Irish Republic have all received extensions on their repayment terms. Greece has also been promised an additional 109 billion euros in loans.
Greek Finance Minister Evangelos Venizelos celebrated the agreement, saying it would provide "great relief for the Greek economy".