The agreement allots an €8.5 billion loan to Greece as well as the opening for a possibility of debt extensions. Luxembourg Finance Minister Pierre Gramegna confirms the Greek bailout, according to Zero Hedge.

ZH reports:

Euro-area finance ministers are mulling a possible extension of the maturities on some Greek loans by 0 to 15 years, according to a draft statement seen by Bloomberg, even though it was not immediately clear what a 0 year maturity extension represents. The preliminary draft includes a proposal to defer the interest and amortization on Greece’s EFSF loans by the same duration.

And yes, holdout IMF which threatened for two years it would not participate in a Greek deal absent a debt reduction is now in: as Christine Lagarde said: “I’d like to announce my intention to propose to the IMF’s Board the approval in principle of a new IMF Stand-By Arrangement for Greece.”