Greece Gets Some Breathing Space With Bailout Extension

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Greece got a bit of room Friday to avoid running out of money and getting dropped out of the euro currency zone after the country and its creditors agreed a deal to extend Greece's bailout by four months.

Citing unnamed officials on both sides, Reuters and The Associated Press reported the deal, which helped lift U.S. stock prices. "It's done. For four months," one official told Reuters. An agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area. It provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors.

European Union paymaster Germany, Greece's biggest creditor, had demanded "significant improvements" in reform commitments by Athens before it would accept an extension of euro zone funding. Euro zone officials said the accord required Greece to submit by Monday a letter to the Eurogroup listing all the policy measures it planned to take during the remainder of the bailout period, to ensure they complied with conditions.

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-- Reuters, The Associated Press and NBC News staff