Greece will stay within the Eurozone as a deal has finally been struck with its European creditors on Monday. However, the government of Alexis Tsipras will have to pass tough legislation that many of his countrymen had earlier rejected in a recent referendum.

European Council president Donald Tusk announced that after almost one whole day of talks, they have arrived with an "Agreekment." However, he cautioned that the much needed funds will only be extended to Greece only if certain stipulations are satisfied. The deal made at the EU summit will only be executed if various European legislatures approved it. Greek Prime Minister Alexis Tsipras will need to convince his own lawmakers to accept the terms of the third bailout agreement that a number of them had previously opposed.

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The New York Times reported that although the specifics of the deal is yet to be agreed upon, the central bank of Europe would still provide Greek banks with the Euros it needs to avoid being insolvent.

Tsipras proudly told the media that his country has finally got the money to restructure its outstanding loans and economy, but only after concluding a difficult negotiation with the European creditors.

The BBC reported that the deal will give Greece access to another loan amounting to 86 billion Euros spread over a three-year period.

EC Chief Jean-Claude Juncker said that the success of the negotiations prevented the occurrence of a "Grexit." He said the negotiation represents a "compromise" between a debtor and creditor who are both Europeans.

Tsipras said that talks about a "Grexit" is no longer possible. He added that the deal has effectively rescued his country's economy and banks from bankruptcy.

Many Greeks, however, are reportedly angered by the deal made by their Prime Minister. Their parliament will now have to approve additional taxes, big cuts on pensions, and set up a fund that will be exclusively used to pay back the country's debts. Tsipras needs the support of Greek citizens to push forward with this plan.

Experts say the agreement will reportedly lead to early elections in Greece. Tsipras will most likely reorganize his cabinet to make sure that only those who agree with the deal stays.

TagsGrexit, Alexis Tsipras, Eurozone, European Commission, european council, Donald tusk, Jean-Claude Juncker, Greece debt crisis, third bailout, Greek debt deal, Agreekment