Greece is set to remain a part of the Eurozone after finance ministers approved a third debt bailout worth up to 86 billion euros ($A 130 billion).

“New loans of up to 86 billion euros,” said the European Commission in a statement released to thte press, “will be made available over the next three years to Greece.”

The agreements came after six hours of talks that committeed Greece to far-reaching reforms.

Jean-Claude Juncker, the head of the EU Commission, admitted the past six months of negotiations with Prime Minister Alexis Tsipras had been testing.

“Together we have looked into the abyss. But today I am glad to say that all sides have respected their commitments. Greece is living up to its ambitious reform commitments,” said Juncker in a statement.

“The message of today’s (meeting) is loud and clear: On this basis, Greece is and will irreversibly remain a member of the euro area.”

The first disbursement of 13 billion euros is due next week. This will allow Greece to cover a debt repayment to the European Central bank due on August 20.

Greek lawmakers had to support the reforms in parliament, which they agreed to do after a sometimes bitter all-night debate.

Critics of the deal say that the reforms will only continue the brutal recession and undermine rather than help the ailing Greek economy.

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