Energy Prospectus

Greece reached a desperately-needed bailout deal with the eurozone on Monday after marathon overnight talks, in a historic agreement to prevent the country crashing out of the European single currency.

Leftist Prime Minister Alexis Tsipras agreed to tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to 86 billion euros ($96 billion), Greece's third rescue programme in five years.

"EuroSummit has unanimously reached agreement," EU President Donald Tusk said. "All ready to go for ESM (eurozone bailout fund the European Stability Mechanism) programme for Greece with serious reforms and financial support."

Let's hope we can check this off the list, along with the worry that Europe will fall off of a cliff. - Dan

The austerity-pushing German Chancellor Angela Merkel, Europe's most powerful leader, said the situation for Athens however remained daunting, with success not guaranteed.

"The road will be long, and judging by the negotiations tonight, difficult," Merkel told reporters.

Europe's first step will be to push the deal through several national parliaments, many in countries that are loath to afford Greece more help.

Athens will now have to rush through new tough reform laws by Wednesday, according to the document agreed on by Tsipras and his eurozone counterparts.

Greece has to introduce harsh conditions on labour reform and pensions, VAT and taxes, and measures on privatisation, it added.

Under the agreement it will also park assets for privatisation worth up to 50 billion euros ($56 billion) in a special fund. The money in that fund will then be used to recapitalise Greece's cash-starved banks.

Greece applied last week for a third programme after its previous bailout expired on June 30, leaving it without international financial assistance for the first time in years.

Athens had infuriated its creditors -- the European Commission, ECB and IMF -- with its actions, including the surprise referendum on terms offered by the three institutions.

The Greek parliament approved new reform plans drawn up by the government in the early hours of Saturday, despite them being similar to those rejected by Greeks in the plebiscite.