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After some 17 hours of summit talks eurozone leaders announced a draft agreement to rescue Greece.
The Greek parliament must immediately adopt laws to reform key parts of its economy - by Wednesday.
The eurozone has agreed in principle to start negotiations on a loan package for Greece worth EUR82bn-86bn.
The loan will come mainly from the European Stability Mechanism (ESM), the Eurozone bailout fund.
The agreement says in part: "Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures. These measures, taken in full prior agreement with the Institutions, will include:
By 15 July
- the streamlining of the VAT system and the broadening of the tax base to increase revenue;
- upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme;
- the safeguarding of the full legal independence of ELSTAT;
- full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular by making the Fiscal Council operational before finalizing the MoU and introducing quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets after seeking advice from the Fiscal Council and subject to prior approval of the Institutions.
By 22 July
- the adoption of the Code of Civil Procedure, which is a major overhaul of procedures and arrangements for the civil justice system and can significantly accelerate the judicial process and reduce costs;
- the transposition of the BRRD with support from the European Commission.
Immediately, and only subsequent to legal implementation of the first four above-mentioned measures as well as endorsement of all the commitments included in this document by the Greek Parliament, verified by the Institutions and the Eurogroup, may a decision to mandate the Institutions to negotiate a Memorandum of Understanding (MoU) be taken. This decision would be taken subject to national procedures having been completed and if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1.
Additionally, "The Euro Summit stresses that nominal haircuts on the debt cannot be undertaken.
The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and in a timely manner.
Click here to download the Euro Summit statement.
