Eurozone summit reaches bailout agreement on Greece

The Eurozone summit finally reached a bailout agreement with Greece on Monday morning after 17 hours of discussions, eurozone leaders announced. "Today we had only one objective, to reach an agreement. And after 17 hours, we have it, we will continue to support Greece," European Council President Donald Tusk told a press conference after eurozone leaders passed the bailout deal for Greece to avert the debt-ridden country's bankruptcy and exit from the eurozone. The agreement still needs the approval of several national parliaments, including the Greek parliament, Tusk said, adding that the European Council will formally implement the European Stability Mechanism (ESM) program in Greece. "There is no Grexit," European Commission President Jean-Claude Juncker said at the same press conference, confirming that the Greek proposals for support have been accepted. "There are no winners and no losers. It is a compromise, a typical European arrangement," Juncker said. Eurogroup President Jeroen Dijsselbloem said the Greek parliament must immediately start passing legislation to implement the measures agreed upon in Brussels. "If Athens does that on Tuesday and Wednesday, then the Eurogroup can take a view on Wednesday. And then national parliaments can give their own approval for a third bailout. Then firm negotiations can take place over a new bailout from the ESM," Dijsselbloem said.