Eurozone emergency summit
Eurozone emergency summit Reuters

A "unanimous" agreement was reached by eurozone leaders on Monday following lengthy overnight talks, sealing a third bailout deal for the economically failing state of Greece.

EU President Donald Tusk announced the development, writing on Twitter that a bailout program is "all ready to go" for Greece, "with serious reforms and financial support."

Eurozone leaders had been meeting in Brussels to hammer out a bailout economic reform package for over 16 hours, although the precise details of the final agreement remain unclear.

Greece now has to vote on Wednesday to pass the reforms that the eurozone amended to an initial Greek proposal submitted last Thursday.

The amendments include reforms that one Greek government official said were designed to "humiliate" Greek Prime Minister Alexis Tsipras and his far-left Syriza party's government.

For one, the measures would require that Greece let international creditors fully monitor the government's activities and inspect its draft laws before they are voted on, which is a level of oversight that Syriza specifically promised to fight.

Likewise they would grant the EU the power to "amend or compensate" any laws by Tsipras's government that are against an agreement signed with the eurozone in February, possibly overturning the reinstatement of 4,000 Greek civil servants.

The proposals would also allow for talks on "swift negotiations on a time-out from the euro area, with possible debt restructuring," if a bailout deal was not secured.

However, a "time-out" from the EU was ruled out by officials, who said that either Greece would exit the single European currency in a "Grexit" or else remain through a bailout deal in return for severe economic reforms.