Greece secures debt restructuring to avoid 'Grexit'

A vendor waits for clients in front of a newspaper kiosk in central Athens, Greece, July 12, 2015. Euro zone leaders will fight to the finish to keep near-bankrupt Greece in the euro zone on Sunday after the European Union's chairman cancelled a planned summit of all 28 EU leaders that would have been needed in case of a "Grexit". (REUTERS)

Greece has secured debt restructuring and medium-term financing in a growth package worth €35 billion in a deal with its creditors that will allow the country to stay in the euro, Prime Minister Alexis Tsipras said in Brussels on Monday.

He said the deal could bring new investment to help the country pull itself out of recession and avoid the collapse of its banking system.

"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," Tsipras told reporters after all night talks.

"In this tough battle, we managed to win a debt restructuring," he said.

Euro zone leaders clinched a deal with Greece on Monday to negotiate a third bailout to keep the near-bankrupt country in the euro zone after a whole night of haggling at an emergency summit.

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