Greece stays afloat as Eurozone leaders reach unanimous decision on bailout package

After marathon talks that lasted for more than 17 hours, a unanimous bailout deal for debt-ridden Greece was reached on Monday at the Euro Summit which brings to end months of speculation of a possible "Grexit" from the Eurozone.

Summit chair and Eurogroup President, Donald Tusk said that "Euro summit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support,"referring to the European Stability Mechanism bailout fund.

"There will not be a 'Grexit'," said European Commission head Jean-Claude Juncker, referring to the fear that Greece would have to leave the euro

EU officials said Greek Prime Minister, Alexis Tsipras finally accepted a compromise on German-led demands for the sequestration of Greek state assets to be sold off to pay down debt. The terms of the agreement were not immediately known.

The Greek leader also dropped resistance to a full role for the International Monetary Fund in a proposed 86 billion euro bailout, which German Chancellor Angela Merkel has declared essential to win parliamentary backing in Berlin.

However the tough conditions imposed by international lenders led by Germany could bring down Prime Minister Alexis Tsipras' leftist government and cause an outcry in Greece.Tsipras will now have to rush swathes of legislation through parliament this week to convince his 18 partners to release bridging funds to avert a state bankruptcy and just to begin negotiations on a three-year loan.

Perhaps the toughest condition for Tsipras to swallow was Germany's insistence that Greek state assets worth up to 50 billion euros be placed in a trust fund beyond government reach to be sold off with proceeds going directly to pay down debt.

For his part, Tsipras demanded a stronger commitment by the creditors to restructure Greek debt to make it sustainable in the medium-term. That could be his only hope of selling such a deeply unpalatable package to his own supporters and the public.

No detailed figures emereged yet as the final package will be approoved by the Greek parliament itself.Greek parliament will additionally have to legislate on number of reforms.

As of now 25 billion Euros will be used to recapitalise Greek Banks. A fund will also be setup to monetise assets in Greece.

The Greece parliament will need to agree on the total package by Wednesday.

There are however some conditions to be met by Greece if the bailout has to sail through:

-Greek and other national parliaments must agree to terms and conditions set by the Eurozone before negotiations on the final figure can take place.

-Finance ministers to urgently discuss bridge finance

-Finance Ministers will need to clarify short-term measures by tonight

Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel, French President Francois Hollande and EU president Donald Tusk pulled out the proposal on the sidelines of an emergency summit of the 19 countries that use the euro.

If the summit had failed, Greece would have be staring into an economic abyss with its shuttered banks on the brink of collapse and the prospect of having to print a parallel currency and in time exit the European monetary union.