Greek bailout: Europe strikes deal after marathon talks

Europe said Monday it will negotiate a new bailout for Greece after the country agreed to enact deep economic reforms under close supervision by its creditors.
The deal -- if ratified -- should prevent a chaotic Greek exit from the euro, an unprecedented event that would have shaken Europe to its core.
"EuroSummit has unanimously reached agreement," tweeted Donald Tusk, president of the European Council and summit chairman.
Leaders of the 19 nations that use the euro hammered out the agreement at a marathon overnight meeting in Brussels, after weeks of frantic diplomacy sparked by Greece walking away from a previous bailout program.
That decision left it without the cash to make a payment to the International Monetary Fund, triggered the closure of its banks, and sent Greek economy into free fall.

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