Greece reached an agreement with its creditors over the reforms needed to start talks for a third bailout in five years and remain in the euro.
Greek Prime Minister Alexis Tsipras yielded to their austerity demands after almost 17 hours of talks at a euro-area summit in Brussels ending about 9 a.m. Monday.
“It’s been a laborious night,” International Monetary Fund Managing Director Christine Lagarde said as she emerged from the meeting. “It’s a good step to rebuild confidence.”
With Greece running out of money and its banks shut the past two weeks, the gathering was billed as the country’s last chance to stay in the euro. Tsipras has been in financial limbo since his government missed a payment to the International Monetary Fund and allowed its second rescue package to lapse on June 30.