DHAKA: Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels.

Amid one of the worst crises in the EU’s history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted.

Greek Prime Minister Alexis Tsipras said that after a ‘tough battle’, Greece had secured debt restructuring and a ‘growth package’.

Greece will now have to pass reforms demanded by the eurozone by Wednesday, reports the BBC.

These include measures to streamline pensions, raise tax revenue and liberalize the labor market.

An EU statement spoke of up to €86bn of financing for Greece over three years.

Though it included an offer to reschedule Greek debt repayments ‘if necessary’, there was no provision for the reduction in Greek debt - or so-called ‘haircut’ - that the Greek government had sought.

BDST: 2050 HRS, JULY 13, 2015
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