Greece bailout agreement reached

The agreement, which will secure the third bailout for Greece, was finally reached early on the morning of 13th July, following 17 hours of marathon talks - making it one of the longest EU summits on record.

The talks marked the first positive sign in the Greek financial crisis for several months, as countries and investors both prepared for the potential exit of Greece from the euro altogether. Indeed, disagreements between the left-wing Syriza government, who were elected on an anti-austerity pledge, and EU creditors promtped Greece's financial minister to resign last week.

Now, the Euro summit has agreed to start negotiations on a support programme for Greece under the European Stability Mechanism. This programme will be subject to strict conditions and accompanied by a growth and employment package in the order of EUR 35 billion.

The end has not quite been reached, though: several parliaments, including the Greek parliament, will have to give their blessing to the formal start of negotiations. Greece is now required to pass the new reforms agreed with the eurozone by Wednesday, a challenge that will see Tsipras face staunch opposition from anti-austerity supporters, who will interpret the deal as a humiliation.

Indeed, the hashtag "#ThisIsaCoup" has been trending on Twitter since the announcement, while Greek citizens voted overwhelmingly against the previous bailout offer from the EU in a referendum last week.

"The road will be long, and judging by the negotiations tonight, difficult," German Chancellor Angela Merkel told the press today.

"Agreement," tweeted Belgian Prime Minister Charles Michel, late on Sunday night.

European Commission President Juncker said: "There will not be a "Grexit"... I am satisfied both with form and substance of the agreement."

The landmark agreement arrives after Greek banks have remained closed for a fortnight, with withdrawals from ATMs limited to €60 per day.

Finance ministers will also discuss about short-term bridge financing to help the country through the summer.