EU leaders say Greece has agreed to come up with a new reform plan within days to secure the additional bailout funds required to prevent bankruptcy.
The development came after marathon talks between Greek PM Alexis Tsipras, German Chancellor Angela Merkel and other European leaders in Brussels.
Mr Tsipras said he was now “more optimistic” after the meeting.
Separately, the EU leaders agreed to keep sanctions on Russia in place until the end of this year at the earliest.
The sanctions, imposed because of Russia’s alleged military intervention in Ukraine, are now linked to “complete implementation” of a ceasefire deal.
The middle-of-the-night talks between Mr Tsipras, Ms Merkel, French President Francois Hollande and leaders of the EU institutions lasted for more than three hours. They were organised on the sidelines of an EU summit in the Belgian capital.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.