Europe’s leaders agreed late on Thursday to release a fresh €12bn bailout for Greece provided it passes an austerity package before its parliament.


Greece is expected to introduce strict measures of €28bn in tax rises and spending cuts and in addition will have to commence a €50bn programme in privatisations of state assets.


“Greece must finalise the package as a matter of urgency in the coming days to qualify for the new bailout,” a statement read.
The bailout contributions will come from 17 eurozone countries and the IMF but will not include direct aid from the UK.