After weeks of debates and discussions, many going on long into the night, Euro-zone leaders announced this morning (July 13) that they have agreed to offer Greece a third bailout, however there are still conditions Greece must meet in order to ensure the country receives the much-needed funds.
These conditions include measures that would streamline pensions and increase tax revenue.
Nevertheless, it would seem that one of the worst crises in EU history has, at the last minute, been avoided and all the countries involved can breathe a little easier.
It's been a difficult time for all parties involved, especially since Greece stopped talks with its creditors on June 26 and instead opted for a referendum to be held. Said referendum took place on July 5th, with more than 60% voting 'no' to creditors conditions.
Four days ago, new proposals were put forward by Greek Prime Minister Alexis Tsipras and discussions have been on-going ever since.
Now with an agreement well on the way to being finalised, in a statement, the EU said:
"The Euro Summit takes note of the urgent financing needs of Greece... these are estimated to amount to EUR 7bn by 20 July and an additional EUR 5bn by mid August."
This latest bailout for Greece comes on the back of two previous others, the first in 2010, which together provided the country with 240 billion Euros.
Greece had been close to running the risk of exiting the Euro, but after the most recent round of talks which saw the new bailout deal provisionally agreed upon, Tsipras said:
"We averted the plan for a financial strangulation and for the collapse of the banking system."
It is largely unclear as of yet just what the Greek people think regarding this latest development, but with banks having been closed for over a week and money withdrawals limited to 60 Euros a day, things may, finally, be starting to look a little better for them, although the road ahead is yet far from smooth.