Greek Prime Minister Alexis Tsipras at the European Parliament in Brussels, July 8 2015.
Late on Sunday Greece was given a choice by its eurozone partners: either agree to drastic budget cuts over the next few days or leave the single currency. The talks ended in agreement on terms around 8am this morning.
In the last few minutes Donald Tusk, European Council President, and Charles Michel, the Prime Minister of Belgium, have tweeted that terms have been agreed on:
The eurozone offer will insist strict economic measures should be rushed through the Greek parliament by Wednesday.
So what's on the table? Measures that were being discussed as conditions for talks on another Greek bailout to even begin include:
- The country must run a yearly budget surplus of 3.5 per cent by 2018
- Rigourous reviews of collective margaining, industrial action and collective dismissals
- Introduce measures to strengthen governance of banks and reform bankruptcy rules
- Scale up privatisation with improved governance
- introduce new VAT laws to remove concessions to islands review pensions legislation
- Privitising electricity transmission
- Strengthening the independence of the Green national statistics office
Pushing the proposals through the Greek parliament would require Tspiras to reply on opposition groups as about 25 members from his own party are expected to vote against his perceived U-turn on austerity.
Follow The Independent's live blog on the Greece talks here.