Greece debt crisis: Creditors agree to third bailout of beleaguered EU nation

Greece has struck a deal with creditors in that will see the beleaguered EU nation receive its third bailout after marathon talks in Athens. The agreement between the left wing Syriza government and its creditors means the Greeks will avoid a much-feared "Grexit" and will help the country remain in the Eurozone and avoid bankruptcy.

"An agreement has been reached. Some minor details are being discussed right now," a finance ministry official told Reuters. Greece is due to make payment of €3.2bn to the European Central Bank on 20 August and talks looked like they would go to the wire. On Monday, Greek Finance Minister Euclid Tsakalotos told reporters that talks were going "quite well".

In July, Prime minister Alexis Tsipras managed to push enforced reforms on VAT, pensions and the selling of national assets through parliament despite fierce opposition from his own Syriza party. While the deal keeps Greece in the single currency, the International Monetary Fund (IMF) predicts that its debt would peak at a crippling 200% of GDP, leading to decades of the type of austerity measures despised by most Greeks.