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Greek bailout extended for four months: Eurogroup chairman

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Greece and its Europe creditors have reached a deal for a four-month extension to its bailout, the Eurogroup chairman said Friday.

U.S. stocks rallied amid the news.

The debt-laden country has been negotiating with creditors over a request for a loan extension to help it pay off large debts.

If the country failed to get funding or an extension to its Feb. 28 deadline, it risked being booted from the euro zone or defaulting on its debts.

The extension will bridge time for discussions on possible follow-up arrangement between the groups.