Eurozone countries and the International Monetary Fund will provide a second 130-billion euro bailout aid package to Greece to help it repay its massive debt and avoid a default, Eurogroup President Jean Claude Juncker said on Tuesday, according to RIA Novosti.

The statement comes after 12 hours of intense talks, at which eurozone and IMF officials finalized measures to reduce Greece’s debt to 120.5 percent of GDP by 2020, slightly above the original target of 120 percent.

The deal will enable Greece to launch a bond swap with private investors to write off another 100 billion of the country’s massive 360 billion euro debt.

Juncker said private bondholders could write off 53.3 percent of Greece’s debt.

Greece needs the funds before March 20 to meet debt repayments of 14.5 billion euros.