Source: Greece to get $170 bn bailout, reduce debt

 An EU diplomat says that an agreement has been reached to give Greece euro130 billion ($170 billion) more in bailout loans and bring its debt down to 120.5 percent of GDP by 2020.
The official, who spoke on condition of anonymity, said the details were still being worked out in the early hours of Tuesday, more than 12 hours after discussions began.
A debt level of 120.5 percent of GDP is considered close to the maximum sustainable amount for Greece.
Greece desperately needs another rescue package if it is to avoid a calamitous default next month when a euro14.5 billion bond issue comes due.