We have "Greekment", as they're calling it. Eurozone 'agreement' on Greece debt.

[Surya Gayatri]

http://www.bbc.com/news/world-europe-33503955

Greece debt crisis: Eurozone summit 'reaches agreement'

Eurozone leaders reach "agreement" with Greece on new debt deal, Belgian prime minister says, after marathon talks.

Breaking - will update

Update:

A spokesman for the Cypriot government, Nikos Christodoulides, tweeted: "Seems we have a deal."

Details of any agreement were not immediately clear. Eurozone leaders have been meeting in Brussels for more than 16 hours.

Update:

Eurozone leaders have reached a "unanimous" agreement after marathon talks over a third bailout for Greece, EU President Donald Tusk has said.

He tweeted that a bailout programme was "all ready to go" for Greece, "with serious reforms and financial support".

Details of the agreement were not immediately clear. Eurozone leaders have been meeting in Brussels for more than 16 hours.

Greece is expected to pass reforms demanded by the eurozone by Wednesday.

More here:

http://www.france24.com/en/20150713-liveblog-greece-crisis-summit-tsipras-merkel-hollande-schauble

Live: Greek 'compromise' proposed after all-night talks

The leaders of Greece, Germany, France and the EU reached a "compromise" on a bailout deal for Athens at late-night talks on Monday which will now be put to the rest of the eurozone, EU sources say. Follow the latest on our liveblog.

* The leaders of the eurozone’s 19 members resumed talks at 4am in Brussels on Monday in a last-ditch effort to prevent Greece from being forced out of the single currency.

* Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel, French President François Hollande and summit chairman Donald Tusk proposed a ‘compromise’ agreement shortly after negotiations resumed, a European source told AFP.

[joshcryer]

1. Tsipras blinked.

[Algernon Moncrieff]

2. The ATMs were out of cash

.
.and food & medicine were not far behind. The Eurozone exit scenario would have meant short term chaos and (IMO) a coup.

However, Germany can't get too out of hand. I'm sure Putin could choose to be very helpful to Greece.

[Surya Gayatri]

4. Very dicey geopolitical moment. Germany knows perfectly well that

a collapsing, Russian-leaning Greece on its southern flank is not in its or the EU's interest.

[joshcryer]

5. Yes, he should be ousted even now.

Given that the referendum was against this.

It was going to be bad either way.

[Surya Gayatri]

3. Majorly.

[GoneFishin]

6. Yep. He blinked. One can imagine a few different reasons for it.

None of them pleasant.

[Unknown Beatle]

7. Morton’s Fork

Tsipras was between a rock and a hard place.

[Surya Gayatri]

8. Rock? or Hard Place? - nowhere else to go.

The mountain sheep is in the same uncomfortable position as the ill-fated Greek people.

[Igel]

9. Scylla and Charybdis. Seems somehow more fitting to use that version of the metaphor. n/t

[Surya Gayatri]

10. Yes, this is indeed an economic Odyssey on a grand scale.