Greece gets eurozone bailout

Greece has won a major pledge of financial support from the International Monetary Fund and the other countries that use the euro in a deal that aims to halt a government debt crisis undermining confidence in Europe's currency union.

The joint eurozone and IMF bailout program comes with strict conditions and makes no money available right now. It could be tapped only if Greece or other financially troubled eurozone members cannot raise funds from financial markets.

It would require the unanimous agreement of the 16 eurozone countries to release the loan funds. The deal at a summit meeting Thursday night in Brussels was a clear victory for German Chancellor Angela Merkel, who had taken a tough line on any bailout.

She demanded that a rescue for Greece only come when the country runs out of other options and said it must include the IMF.

Greece's debt crisis has undermined the euro by showing that the rules supporting it have not prevented governments from overspending and running up large deficits and debt loads.

Athens' woes have led to fears other eurozone countries with troubled finances, such as Portugal and Spain, will also come under pressure from the bond market and find themselves unable to borrow at acceptable costs.

Doubts among investors that Greece will pay its debts are leading markets to demand higher interest rates when Athens sells government bonds — rates the government says it can't go on paying.