Eurozone finance ministers reached a deal on the Greece bailout plan late on Friday evening.

The financial aid program will be extended by four months, if Greece manages to present an initial list of reform measures.

Head of the eurogroup and Dutch Finance Minister Jeroen Dijsselbloem made a statement after the meeting, mentioning that ''as you know, trust leaves quicker than it comes.''

''We had a very intense meeting,'' he said, as reported by the BBC. ''It was intense because it was about building trust between us. There is a hope to reach in the end a positive outcome and to have a successful review and conclusion of the program in time.''

The deal could, however, easily be scrapped in case the measures proposed by the Greek government fail to comply with the requirements of creditors.

The Troika mission - Eurozone, International Monetary Fund and European Central Bank all need to approve the reform measures.

Greek Finance Minister Yanis Varoufakis stated after the Friday negotiations that he believes that the decision reached is in the best interest of regular Europeans.

A government representative in Athens later said in front of local media that this was the official end to austerity measures in the country.

He added that pensions will not be decreased and there won't be any additional taxes imposed.