After a grueling 17 hours of talks at an emergency summit, eurozone leaders have emerged with an "aGreekment," as EU chief Donald Tusk puts it, instead of a "Grexit." Leaders have agreed—in principle—on a deal that "means continued support for Greece," Tusk said in a statement, although it will have to be passed by the parliaments of several EU countries, including Greece. European Commission head Jean-Claude Juncker says that with the deal, which includes a $55 billion fund to be created by privatizing parts of the Greek economy, Greece will not have to leave the eurozone, the BBC reports.
In return for more loans to keep its economy from collapsing, the deal requires Greek Prime Minister Alexis Tsipras to bring in what the AP calls a "drastic austerity program" in a country that has already seen years of tough austerity measures—and voted against them just a week ago. The Greek leader, who had been under intense pressure to accept the deal and now has to present it to lawmakers, told reporters it had been a "tough battle" but that Greece had averted "extreme measures" and won debt restructuring. "The deal is difficult but we averted the pursuit to move state assets abroad," he said, per the BBC. "We averted the plan for a financial strangulation and for the collapse of the banking system."