The Summit on Greece, which began at 5pm on Sunday, and carried on throughout Monday morning – albeit with some breaks for consultations – has finally concluded, with a unanimous agreement reached.

Watch the press conference by Donald Tusk and Jean-Claude Juncker live

The President of the European Council Donald Tusk tweeted that a unanimous agreement was reached over an ESM program for Greece, in exchange for serious reforms.

Prior to the Eurozone Summit resuming on Monday morning the Cypriot Government Spokesperson Nikos Christoulides tweeted that it «seems we have a deal«, adding that «Europe deserves some good news«.

A new break was called at 7pm for a fourth meeting between Greek PM Alexis Tsipras, German Chancellor Angela Merkel, French President Francois Hollande and European Council President Donald Tusk.

The two issues that appeared to still be open, were the IMF’s involvement in the new program and the so-called “Schäuble fund” for the repayment of debt. The Athens Macedonia News Agency has reported that the prospect of a ‘Grexit’ appears to be off the table and that the conditions for the financial support of Greece in the short and mid term are gradually maturing.

The Greek Prime Minister was being pressured into accepting a series of prerequisites and enacting them by Wednesday, in order to resume negotiations for a third bailout program. Some progress was achieved late on Sunday evening, with reports suggesting that Greece’s international creditors made certain concessions. Should Greek parliament pass the measures, then there would be no need for a new European Summit on Wednesday, as the Eurogroup could authorize the resumption of negotiations.

International media outlets citing European sources report that it is likely that the idea of a 50-billion-euro fund based in Luxembourg may be scrapped, as will the threat of a temporary ‘time out’ from the Eurozone, thus allowing the possibility of funding being provided immediately.