EU agrees to more generous terms for Greece

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European Union (EU) heads of state on Friday agreed to lend to Greece at more preferable rates.

The EU heads, who were gathered in Brussels, said they would lower Greece's borrowing costs by 100 basis points and extend the maturity of all of the programme loans to Greece to seven-and-a-half years from three years.

Under the original terms of the deal, agreed last April, Greece was to pay a rate based on three-month Euribor, which represents the interbank borrowing rate, for variable rate loans,

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