19 Eurozone finance ministers have agreed to give Greece a four-month extension to its crushing debt bailout. But there’s a catch – Greek leaders must agree to further concessions and spell out the reforms they intend to take by tomorrow.

Trust between Greece and the Eurozone ministers are at an all time low. The Eurozone harbour suspicions that Greece will ignore its repayments; while the greek leaders blame the Eurozone for their economic woes.

Eurogroup head Jeroen Dijsselbloem released a two-page statement on the negotiations: “The meeting was intense because it was about building trust between us. This trust will be on the basis of the agreements and changes in tee agreements wich will have to be worked out.”

In order to qualify for the extension Greece must decide whether to proceed with Friday’s agreement. Should they decline all offers are off the table.

Yanis Varofakis, the Greek Finance Minister, said these new talks gave much more power to the Greek people. Previous austerity measures, he believed, were responsible for the collapse of the Greek economy in recent years.

Details on the latest offer remain secret, but Greek citizens are sure to resent the imposition of any austerity measures and chafe under the creditor oversight of the Eurozone.

Alex Tsipras and his leftist Syriza party were swept to power on a wave of anti-austerity sentiment. Greeks felt betrayed and humiliated by two agonising bailouts that appeared to have done more harm than good.

Should this latest deal be accepted Greece stands to receive a further 7.2 billion euros of the 240 billion euros (A$273 billion) budgeted for the bailout package.

Should Greece refuse an exit from the Eurozone would ensue, with consequent economic upheaval and intractable political division for both parties.

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