EU officials hail deal to release billions in bailout loans for Greece

Agreement to issue a10.6bn in two tranches represents climbdown for IMF and comes as Greek unions threaten strikes

European officials have hailed a late night deal to unlock a10.3bn (7.8bn) of much needed bailout cash for Greece as a major breakthrough.

However, in Athens unions threatened further strikes in protest aagainst the contentious pension and tax reforms which paved the way for the agreement to be reached.

Related: Eurozone unlocks a10.3bn bailout loan for Greece