Via NY Post:
A summit of eurozone leaders reached a tentative agreement with Greece on Monday for a bailout program that includes “serious reforms” and aid, removing an immediate threat that Greece could collapse financially and leave the euro.
Nine hours after a self-imposed deadline passed, the leaders announced the breakthrough early Monday.
If the talks had failed, Greece could have faced bankruptcy and a possible exit from the euro, the European single currency that the country has been a part of since 2002.
No country has ever left the joint currency, which launched in 1999, and there is no mechanism in place for one to do so.