Euro zone finance ministers struck a deal early on Tuesday for a second bailout program for Greece that includes new financing of 130 billion euros and aims to cut Greece's debt to 121% of GDP by 2020, two EU officials said.

"The financial volume (of the Greek package) is 130 billion euros and debt-to-GDP (will be) 121%. Now it's down to work on the statement," one official involved in the negotiations told Reuters.

Another official confirmed that the financing would total 130 billion euros with the aim of reducing Greece's debts from around 160% of GDP now to 121% by 2020, but cautioned that drafting of the deal was only just starting.

Private sector holders of Greek debt are expected to take losses of up to 53.5% on the nominal value of their bonds as part of a debt exchange that will reduce Greece's debts by around 100 billion euros.

Previously they were expected to take a 50% nominal writedown, which equated to around a 70% loss on the net present value of the bonds.

The debt swap will be financed in part via "sweeteners" that will be paid to the private bondholders, who will also get 30-year bonds in exchange for the bonds they give up.

The package is the second emergency loan agreement reached for Greece, which received a 110 billion euro bailout, made up of bilateral loans from euro zone governments and the IMF, in May 2010.