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Greek debt crisis live: Greece seals new bailout deal to avoid euro exit

Greek debt crisis live: Greece seals new bailout deal to avoid euro exit - Greece today managed to seal a new bailout deal with the eurozone after holding marathon talks on Sunday.

The deal will prevent the country from crashing out of the eurozone. Greece's leftist Prime Minister Alexis Tsipras accepted the tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to 86 billion euros ($96 billion), Greece's third rescue programme in five years.

The deal was announced by EU President Donald Tusk on Twitter. The new agreement ends a bitter six-month struggle between Tsipras's anti-austerity government in Athens and the rest of the eurozone.

"EuroSummit has unanimously reached agreement," former Polish premier Tusk said. "All ready to go for ESM programme for Greece with serious reforms and financial support."

Greece last week asked the eurozone release fresh bailout fund after its previous bailout expired on June 30, leaving Athens without international financial assistance for the first time in years.

The economic crisis forced the government to shut down banks in the country for nearly two weeks amid fears that the banks may run out of cash due to a lack of extra funding by the European Central Bank, meaning Athens would have had to print its own currency and effectively leave the euro.

Greece earned the ire of international creditors by holding a surprise referendum on July 5 in which Greeks rejected previous bailout terms offered by its creditors.

The details of the new deal were still not revealed but it is likely that they would be even tougher than those originally offered to Greece.

As per the terms drawn up by eurozone finance ministers at the weekend, it would be mandatory for Athens to push through new even tougher laws by Wednesday, Finnish Finance Minister Alex Stubb said.

He added that Athens would have to introduce harsh conditions on labour reform and pensions, VAT and taxes, and measures on privatization.