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Eurozone leaders have reached an agreement on the Greek debt crisis after 17 hours of talks in Brussels.

The President of the European Council, Donald Tusk, said the deal would pave the way for the Athens government to secure a third international bailout to prevent it defaulting on its debts, under the plans, he said Greece would have to make serious reforms.

Giorgos Katrougalos, the Greek minister in charge of reform, said that clearly "the Europe of austerity" had won.

"Either we're going to accept these draconian measures or it is the sudden death of our economy through the continued closure of our banks. So it is an agreement that is practically forced upon us," he added.