Eurozone finance ministers agree to third Greek bailout - live updates

After months of arguments, Greece’s third loan programme has finally been approved by eurozone ministers tonight.... meaning debt relief could follow

• Eurogroup chief: €86bn bailout agreed tonight
• First tranche should be paid next week
• Savers protected, but bondholders face bail-in
• IMF: Greece needs substantial debt relief

Earlier:

• Full Story: Alexis Tsipras hit by Syriza rebellion as Greece approves bailout deal
• Full Story: Eurozone GDP weaker than expected

Greece’s finance minister, Euclid Tsakalotos must be cream-crackered this evening.
He spent last night in the Athens parliament, as MPs argued over whether to approve the bailout programme. No sooner was that vote over than he was preparing for the eurogroup meeting, which began after lunch in Brussels.
But he’s still managed to raise the energy to speak with reporters tonight, and argue that tonight’s deal can help Greece recover.
Tsakalotos explained:

“It takes Greece forward in the sense that the financial system should be much more stable from now onwards. There is a promise of recapitalisation of the banks, without any of the depositors having to bail in or anything to worry about.”

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46m ago21:53

If you’ve been following this crisis, you’ll already know that Greece must implement sweeping economic changes in return for this third package of loans.
The broad scope of the plan was agreed a month ago, at the summit of eurozone leaders.
And as we reported earlier this week, the final deal includes “major reforms of health, welfare, pensions and taxation systems, alongside more ambitious privatisation schemes.”
It also awards the troika decisive influence over reforms to Greece’s banks, which have suffered major capital outflows this year, culminating in capital controls since late June.
Some tweaks have been agreed tonight, but this story from Wednesday night still gives the picture.