No Grexit: Eurozone leaders finally agree bailout deal on Greece

Officials worked through the night to bash out a deal
Officials worked through the night to bash out a deal

Eurozone leaders have unanimously agreed on a new bailout deal for Greece which includes "serious reforms" and "financial support".

European Union president Donald Tusk said the deal could pave the way for Greece to remain a member of the euro.

Details of the agreement between Greece and its creditors have yet to emerge.

The Greek government made a request last week for a three-year, €53.5 billion financial rescue from Europe's bailout fund.

During negotiations that stretched beyond a weekend deadline into this morning, its creditors indicated that Greece will need tens of billions more to stay solvent.

Greece's economy is in freefall and its banks are facing collapse.

Nine hours after a self-imposed deadline passed, the leaders announced the breakthrough early this morning.

If the talks had failed, Greece could have faced bankruptcy and a possible exit from the euro, the European single currency that the country has been a part of since 2002.

No country has ever left the joint currency, which launched in 1999, and there is no mechanism in place for one to do so.