Eurozone leaders this morning (July 13) reached an agreement on the terms of a rescue package for Greece through the European Stability Mechanism (ESM).

Europe unites to rescue Greece

RIA Novosti news agency this morning, July 13, quoted the announcement on Twitter of the President of the European Council, Mr. Donald Tusk, saying that everything is ready to switch to the ESM Mechanism.

“A bailout program is ready for Greece with a range of financial support and reforms,” said Donald Tusk.

Writing on Twitter, Belgian Prime Minister Charles Michel announced a brief statement “there is an agreement”. While the Cypriot government spokesman also wrote on the social networking site that “It seems we have an agreement”.

According to some sources on the sidelines, in the 17-hour negotiation, Greece reached an agreement with the group of creditors on the necessary reform terms to start official negotiations on the third bailout package in the past 5 years.

However, details of the bailout package have yet to be announced.

Previously, on July 12, leaders of 19 Eurozone countries met in Brussels (Belgium) to decide whether to rescue Greece from its current debt crisis or let the country leave the eurozone.

This is the third Eurozone summit to discuss the Greek issue in just over two weeks.

Here, German Chancellor Angela Merkel, French President Francois Hollande, and Greek Prime Minister Alexis Tsipras presented a draft plan to deal with Greece's debt crisis.

According to the draft document, the third bailout package for Greece could amount to 82-86 billion euros.

However, this bailout package still needs to be proposed by Eurozone leaders at the upcoming conference, while Greece needs 19 billion euros immediately to pay debts due at the end of August 2015.

(According to RIA Novosti/TPO)