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Greece, Eurozone Leaders Reach Agreement On A New Bailout

Greek Prime Minister Alexis Tsipras, front left, leaves after a meeting of eurozone heads of state Monday at the EU Council building in Brussels. The summit reached a tentative agreement with Greece for a bailout program that includes "serious reforms," removing an immediate threat that Greece could collapse financially and leave the euro.

In a news conference early Monday morning, Eurozone leaders announced that they would give Greece another bailout — as long as the government of Prime Minister Alexis Tsipras manages to implement a round of austerity measures in the coming days, says European Council President Donald Tusk.

By Wednesday, lawmakers in Athens will need to pass pension overhauls and sales-tax increases that voters overwhelmingly rejected in a recent referendum.

As recently as Sunday the two sides were reported to be far apart on a bailout, which is reported to be for three years and nearly $60 billion, NPR's Soraya Sarhaddi Nelson reported. The German finance minister even suggested booting Greece off the Euro for five years while it sold off assets and got its house in order. Those measures appear to be off the table for now.

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