After hours of negotiations it appears European leaders have finally come up with a rescue plan for Greece. The final deal was agreed by German’s Angela Merkel, French President Hollande and Greek premier Alexis Tsipras.

Following all-night talks, Merkel confirmed that the new deal will be worth 86bn to 87 bn over the next three years. It appears Germany pressured the Greek government to implement tough reforms and accept close monitoring of its economy and government spending.

Alex Tsipras will now to have raise the retirement age and increase a number of taxes by Wednesday. The reforms will have to be passed by the Greek government before the bailout can be finalised. How the Greek population react to the new reforms is another matter.

Greek banks have been closed for over two weeks and cash withdrawals limited to 60 euros. As a result the Greek economy is in free fall. With Greek banks on the brink of collapse and government running out of money Eurozone ministers will meet later today to discuss a short term bridging loan.