EU Announces Deal to Reduce Greece's Debt

Goal is 124 percent of nation's GDP by 2020

A European Union official tells The Associated Press that a deal has been reached under which Greece's debt would be reduced to 124 percent of GDP by 2020.

The original goal had been 120 percent of GDP.

The agreement would pave the way for indebted Greece to receive the next installment of its much-needed bailout loans.