Greek political leaders announced agreement on austerity measures, clearing the way for a deal to cut the nation's debt and win its second rescue in two years.

"Discussions between the Greek government and the troika were successfully completed this morning," Greek Prime Minister Lucas Papademos's office said in an e-mailed statement today in Athens. "Political leaders have agreed with the result of those negotiations. Therefore there is a general agreement in the context of the new program ahead of tonight's euro group meeting." The statement didn't include any details.

The accord came after Greek Finance Minister Evangelos Venizelos arrived in Brussels for an emergency meeting of euro- region finance ministers to discuss the 130 billion-euro ($173 billion) lifeline and a debt swap that will impose a loss of about 70 percent for investors.

"Some key pieces are falling into place," Holger Schmieding, chief economist at Berenberg Bank in London, said in an e-mailed note before the decision was announced. "Barring any last minute hitch, Europe may soon have defused the Greek issue for a while."

Greece faces a 14.5 billion-euro bond payment on March 20 and is struggling to secure financing to avert a collapse of the economy that could spark a new round of euro-area contagion.

David Fuller's view Hopes for an orderly containment of the Greek debt crisis steadied markets today.