(CNBC) Greece and its euro zone creditors reached a deal to extend Greece's bailout for four months, Eurogroup head Jeroen Dijsselbloem said on Friday.
The euro traded near session highs of about $1.14 against the U.S. dollar and stocks rallied after the announcement. The Dow Jones Industrial Average and S&P 500 closed at fresh records on Friday.
European finance ministers met Friday as failure to reach a deal threatened Greece's solvency. The extension will give Greece time to negotiate a follow-up arrangement with creditors as it attempts to undertake fiscal reforms.
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