After a gruelling 17 hours of negotiation, European Union President Donald Tusk announced Monday that the Eurozone leaders have finally agreed to a bailout package for financially-troubled Greece. Tusk underscored that the decision was unanimous, further ensuring the aversion of imminent economic collapse for the country.

The new deal, which is the third bailout package since 2010, includes 86 billion euros growth aid, in addition to a debt restructuring plan, according to Al Jazeera. German Chancellor Angela Merkel has also confirmed that the country will recieve debt relief, which means that the Greek government will have a "longer grace period," in its debt payments, Time reported.

European leaders stood their ground in demanding for austerity measures and economic reforms, which the Greeks had earlier rejected in a national referendum, as HNGN previously reported. In the agreement, the Greek government has to enact a tax hike and an austerity program that covers the market, privatization and pension reforms by Wednesday as European leaders thresh out the details of the new bailout deal, the South China Morning Post reported. According to Greek Prime Minister Alexis Tsipras, "we fought a tough battle. We face difficult decisions," in an interview with Time.

Despite his referendum victory, where a majority in Greece declined the European bailout requirement, Tsipras was more amenable to the European proposal when he came to the negotiating table. This breakthrough reportedly came after a meeting between Tsipras, Merkel, Tusk and French President Francois Hollande where Greece was threatened with expulsion from the euro, according to Fox News. Had the negotiations broken down, Tsipras would have to contend with a collapse of the Greek financial system and a euro exit that would require Greece to print its own money and face a radically devalued currency.

The Greek Parliament will have to approve the agreement, but European leaders are already elated with the developments. A number of them took to Twitter to confirm the deal. European markets have also immediately rallied Monday morning, clearly boosted by news of the agreement.

Un accord a été trouvé. La France le cherchait, le voulait. La Grèce reste dans la zone euro. L'Europe a gagné.

— François Hollande (@fhollande) July 13, 2015

Deal -JM #EuroSummit #Greece — Joseph Muscat (@JosephMuscat_JM) July 13, 2015

All in all, the Greek debt is now estimated to be 320 billion euros, which is about 180 percent of the country's annual GDP.