Belgium's Prime Minister was the first to share the news, simply tweeting the word the 'agreement'.
After nearly 17 hours of negotiations between Eurozone leaders in EuroSummit held this weekend in Brussels, EU Council president Donald Tusk announced that the 19 leaders had agreed unanimously 'in principle' and were 'all ready to go' on new programme for Greece's bailout, 'which in other words means continued support for Greece'. He added that Athens had agreed to undergo 'serious reforms'. He called it an 'aGreekment'.
'There will be no 'Grexit',' said the President of the European Commission Jean-Claude Juncker, dismissing the fears that there had been no agreement, and that Greece would have had to leave the Eurozone.
Greek Prime Minister Alexis Tsipras,said that after a 'tough battle', Greece had secured a 'growth package' of €35bn, and won debt restructuring. Mr Tsipras also expressed a 'belief and the hope that... the eventuality of 'Grexit' is in the past'. 'We averted the plan for a financial strangulation and for the collapse of the banking system,' he added.
'The road will be long, and judging by the negotiations tonight, difficult,' German Chancellor Angela Merkel said on Monday morning.
French President Francois Hollande said that the agreement had allowed Europe to 'preserve integrity and solidarity'. 'We also had to show that Europe is capable of solving a crisis that has menaced the Eurozone for several years,' he added.
Jeroen Dijsselbloem, the head of the Eurozone group of finance ministers, said the agreement included a €50bn Greece-based fund that will privatise or manage Greek assets. Out of that, €25bn would be used to recapitalise Greek banks. According to Politico's Ryan Heath, 'the asset fund plan is €37.5bn for debt payback and €12.5bn for growth initiatives'.
After failing to meet the debt payment deadline at the beginning of the month, Greek banks have been closed with ATM withdrawals restricted to €60 daily. The crisis has immensely stressed the already struggling economy.
The Greek government will have to pass the new reforms demanded by the Eurozone by Wednesday.
