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Euro zone leaders zeroed in to a deal with Greece on Monday after a marathon summit to negotiate a third bailout to keep the near-bankrupt country in the euro zone after an emergency summit. The terms imposed by the international lenders led by Germany might put more pressure on the leftist Prime Minister Alexis Tsipras.

"The agreement was laborious, but it has been concluded. There is no Grexit," European Commission President Jean-Claude Juncker told a news conference. "In this compromise, there are no winners and no losers," Juncker said. "I don't think the Greek people have been humiliated, nor that the other Europeans have lost face. It is a typical European arrangement."

German Chancellor Angela Merkel said that she could recommend "with full confidence" that the Bundestag should authorise the opening of loan negotiations with Athens once the Greek parliament has approved the entire programme and enacted the first laws.

The tough conditions imposed on the desperate Greece are similar to the 1919 Versailles treaty that forced the crushing reparations on a defeated Germany after World War One, she said: "I won't take part in historical comparisons, especially when I didn't make them myself."

Tsipras accepted the compromise on German-led demands for the sequestration of Greek state assets worth 50 billion euros in a trust fund beyond government reach, to be sold off primarily to pay down the debt. In a gesture to Greece, some 12.5 billion euros of the proceeds would go to investment in Greece, Merkel said.

By Premji