By Jonathan Davies

A new bailout deal has been "unanimously" agreed between Greece and its international creditors.

European Council President Donald Tusk then tweeted to say: "EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support"

Greek Prime Minister Alexis Tsipras said: "The deal is difficult but we averted the pursuit to move state assets abroad... We averted the plan for a financial strangulation and for the collapse of the banking system."

Head of the European Commission Jean-Claude Juncker said the deal meant that Greece would not be leaving the eurozone and European Union.

Prime Minister Charles Michel appeared to be first to break the news, simply tweeting "Agreement" after EU leaders spent more than 16 hours locked in talks over night.

Moments later, a Cyprus government spokesperson tweeted: "Eurozone summit about to start... seems we have a deal... Europe deserves some good news".

Greece will receive €82-86 billion, if the deal is approved by individual Parliaments of eurozone nations.

As negotiations stopped and stalled over the weekend, one Greek official said proposals put forward would "humilate" Mr Tsipras and the party.

The proposals will also require approval from several eurozone Parliaments.

The deal includes plans to streamline Greece' VAT system and broaden its tax base to increase revenues. Greece will also have to reform its pensions programme. €50 billion of the state's assets will also be placed under European control and privatised.

A statement listing details of the reforms said: "€25bn will be used for the repayment of recapitalisation of banks and other assets and 50% of every remaining euro (i.e. 50% of €25bn) will be used for decreasing the debt to GDP ratio and the remaining 50% will be used for investments.

"This fund would be established in Greece and be managed by the Greek authorities under the supervision of the relevant European Institutions."

Eurogroup President Jeroen Dijsselbloem said that agreeing the details of the deal could take all summer.

This is a breaking news story. More to follow shortly.