Summary

  • Eurozone leaders agree to a deal over Greece after night-long talks

  • Greek assets to be put in special fund to help finance banks

  • Greek banks will stay shut

  • Greek parliament will have to pass reforms by the end of Wednesday

  • Tsipras: Deal averts 'most extreme plans'

  • Merkel: Greek debt forgiveness 'out of the question'

  • Eurogroup finance ministers will discuss bridge financing for Greece

  • All times BST (GMT+1)

Live Reporting

Katie Hope, Matthew West, Thom Poole, James Reevell, Ben Morris, Howard Mustoe and Alastair Lawson

  1. Germany O, Greece €85bn?

    While many commentators have suggested it is Greece that has come off worse from the weekend's talks, the Financial Times' Gideon Rachman takes a different view . 

    If anybody has capitulated, it is Germany. The German government has just agreed, in principle, to another multibillion-euro bailout of Greece — the third so far. In return, it has received promises of economic reform from a Greek government that makes it clear that it profoundly disagrees with everything that it has just agreed to. The Syriza government will clearly do all it can to thwart the deal it has just signed. If that is a German victory, I would hate to see a defeat.

  2. Euro's 'toxic' future

    In a damning assessment of the negotiations , the Financial Times' Wolfgang Munchau, says the deal shifts the euro project into "a toxic fixed exchange-rate system, with a shared single currency, run in the interests of Germany". He concludes:

    Once you strip the eurozone of any ambitions for a political and economic union, it changes into a utilitarian project in which member states will coldly weigh the benefits and costs, just as Britain is currently assessing the relative advantages or disadvantages of EU membership. In such a system, someone, somewhere, will want to leave sometime. And the strong political commitment to save it will no longer be there either.

  3. What do Greeks really think about the debt deal?

    Eurozone leaders have agreed to a potential third bailout deal for Greece, after overnight talks. But what do Greeks really think about it? Click here to find out.

    What do Greeks think about debt deal?

    Eurozone leaders have agreed to a third bailout for Greece, after overnight talks.

    Read More

  4. No, this is not a coup

    As we reported earlier , #ThisIsACoup has been trending. James Kirkup, a columnist with Britain's Daily Telegraph newspaper, disagrees . 

    Are those conditions extreme, draconian and potentially counterproductive? Quite possibly, yes. Is Greece under enormous pressure to accept them, and facing horrible consequences if it says no? Oh yes: the pressure is vast, the consequences truly terrible. And are the negotiations slanted against Greece, because Germany has more money and political clout within the EU than Greece? Yes. But so what? Germany is a bigger, richer country than Greece. That’s just a fact of life. Welcome to the real world, kids.

  5. Cartoonists on the talks over Greece

    These cartoons are circulating on Twitter.

  6. US stocks up on Greece debt deal

    Wall Street closed higher on Monday after eurozone leaders agree to offer Greece a third bailout, after marathon talks in Brussels.

    Read More

  7. Euro to fall further?

    euro symbolGetty Images

    But other analysts warn that the euro's fall is not just about fears of US rate hikes.

    BNY Mellon's chief currency strategist Simon Derrick says the talks also showed up the split in the eurozone between the "hard money" north and the rest; highlighting the deep fault lines between the two sides.

    Although the immediate threat to the euro is now likely to ebb (assuming the deal is ratified), long standing observers of European currency policy will be left with the distinct feeling that it will only be a matter of time before the underlying fault lines come under stress again.  

    The irony of today is that it may well mark the start of the next leg lower in the 14 month old euro downtrend (as well as the resumption of a number of other risk on trends).

    Simon Derrick, chief currency strategist, BNY Mellon

  8. Eurozone or Middle Earth?

    Earlier, the Financial Times reported that summit leader Donald Tusk had physically stopped Alexis Tsipras and Angela Merkel from walking out of talks.

    Now a Lord of the Rings tribute has appeared. 

  9. 'No bridging loan today'

    For those hoping that the Eurogroup meeting might result in a bridging loan, which would help Greece reopen its banks and make ECB payments - look away now. 

  10. Eurogroup meeting starts

    The Finnish finance minister has tweeted that the Eurogroup meeting has started. Europe's finance ministers will be working on the details of the deal, including whether it is possible to provide a bridging loan to Greece until the main bailout is agreed. 

  11. Greek anger at eurozone debt deal

    Shoppers in Athens

    But the deal could bring an end top the economic disruption the crisis has caused

    Greece secures a bailout deal to keep it within the euro - but some say that it comes at too heavy a price.  Read more fromJasmine Coleman in Athens. 

    Greek anger at eurozone debt deal

    Greece secures a bailout deal to keep it within the euro - but some say that it comes at too heavy a price.

    Read More

  12. Grexits are bad for business

    Grexit grab

    A hat tip to Quartz for their story on the software company "Grexit" who have seen a massive boost in visits to their website www.grexit.com.

    However, they aren't happy with this association and are considering changing their name.

    Founder Nitesh Nandy tells Quatrz: "Grexit has a negative connotation now and I don’t think all the talk about the Greece bailout is going to go away anytime soon.”

    It was not possible to predict when we came up with the name in 2010, it’s just bad luck I guess.

  13. Greek bailout: What has been agreed?

    Watch the BBC's Andy Verity exploring the Greece bailout agreement reached by eurozone leaders.

    Greek bailout: What has been agreed?

    The BBC's Andy Verity looks at the details of the Greece bailout agreement reached by eurozone leaders.

    Read More

  14. Tsipras 'Statesmanlike'

    Chief European commentator, Wall Street Journal, tweets

  15. How #ThisIsACoupSpread

    The hashtag this is a coup has been widely shared all day by those who oppose the deal. BBC Trending have made a video showing just how quickly it spread.

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  16. Adler: What exactly has been agreed?

    The BBC's Europe editor Katya Adler has been blogging about what exactly the deal means; and who are its winners and losers. 

    This is no glorious victory. No triumph to be savoured.

    You can read the full blog here.

  17. There nearly was a Grexit...

    ...At the negotiation table at least

    The Financial Times has a fantastic piece of detail on quite how close the deal came to collapsing.   

    It says that Alexis Tsipras and Angela Merkel both tried to walk out of talks early this morning.

    Only for summit leader Donald Tusk to step in and say:

    Sorry, but there is no way you are leaving this room.

  18. Greek banks staying shut

    It looks like despite agreeing a deal, Greece won't be receiving any emergency funding before Wednesday. 

  19. #This is NOT a coup

    The hashtag #ThisIsACoup had over 250,000 mentions on Twitter earlier today. The hashtag is critical of the deal, with venom aimed at Germany in particular. 

    However, now a spokesman for Angela Merkel has rejected the term...

  20. Greece's deteriorating debt position

    Zero Hedge is a financial blog. It tweets: