Left to right: Greek PM Lucas Papademos, German Fin Min Wolfgang Schauble, and Dutch Fin Min Jan Kees De Jager Courtesy of the EU Council

After more than 12 hours of talks, euro-zone finance ministers approved a second bailout for debt-laden Greece on Tuesday morning, in the hopes it will resolve Athens' immediate repayment needs.

Greece will now be given loans valued at over €130 billion, to help it avoid bankruptcy on March 20 – the date its maturing loans need to be repaid.

In exchange, Greece is expected to reduce its debt to 120.5 percent of GDP by 2020, close to the maximum the International Monetary Fund and the euro zone consider sustainable. At present the county's debt-to-GDP ratio totals 160 percent of its Gross Domestic Product, following years of recession.

The country will also have to accept an "enhanced and permanent" presence of EU monitors, who will oversee the country's management of its economy.

The euro jumped on the news, reversing earlier losses.

Poland A.M.