No ‘Grexit’ as Eurozone reaches agreement on Greek crisis

By NewsGram Staff Writer

Eurozone leaders on Monday reached a "unanimous" agreement after marathon talks over a third bailout for Greece, European Union (EU) President Donald Tusk said.

He said that a bailout programme was "all ready to go" for Greece, "with serious reforms and financial support", BBC reported.

"There will not be a 'Grexit' (Greek exit from the eurozone)," European Commission head Jean-Claude Juncker said, referring to the fear that Greece would have to leave the euro.

"There are no winners or losers, I don't think the Greek people have been humiliated and I don't think other European countries have lost face," Juncker added.

Greek Prime Minister Alexis Tsipras agreed to tough reforms after 17 hours of gruelling negotiations by eurozone leaders in return for a three-year bailout programme worth up to 86 billion euros ($96 billion), Greece's third rescue deal in five years.

Greece is expected to pass reforms demanded by the eurozone by Wednesday.

Parliaments in several eurozone states also have to approve any new bailout.