Eurozone leaders have reached agreement for a third Greek bailout after a long weekend of talks in Brussels.

Prime Minister Alexis Tsipras said Greece had secured a programme of debt restructuring alongside a growth package of €35bn (£25bn).

Tsipras continued:

“The deal is difficult but we averted the pursuit to move state assets abroad.

“We averted the plan for a financial strangulation and for the collapse of the banking system.”

Head of the eurozone group of finance ministers, Jeroen Dijsselbloem, said that the agreement included a €50bn Greece-based fund that will manage or privatise Greek assets.

Out of that fund, €25bn will be used to recapitalise Greek banks, which have been closed for two weeks and limited cash withdrawals to €60 per day, causing increasing constriction on the Greek economy.

EU chairman Donald Tusk said leaders agreed “in principle” on the bailout, and the deal showed that the eurozone backed continued support for the Greek economy.

“There will not be a ‘Grexit'” said European Commission head Jean-Claude Juncker.

Greece will now have to pass the reforms demanded by the eurozone leaders as part of the deal by Wednesday.