European Leaders Reach Agreement on Greece Bailout Deal

BRUSSELS (AP) - A bailout agreement has been reached between Greece and its creditors.

    

European Union President Donald Tusk says the agreement includes "serious reforms" and "financial support."

    

And he says it could pave the way for the country to remain a member of the euro.

    

In a tweet Monday, Tusk said eurozone leaders agreed unanimously on a new bailout for Greece that includes "serious reforms" and "financial support."

    

Details of the agreement between Greece and its creditors have yet to emerge.

    

The Greek government made a request last week for a three-year, 53.5 billion-euro ($59.5 billion) financial rescue from Europe's bailout fund. During negotiations that stretched beyond a weekend deadline into Monday morning, Its creditors indicated that Greece will need tens of billions more than that to stay solvent.

    

Greece's economy is in freefall and its banks are facing collapse.