Greece could impress upon Europe to grant four months extension to its huge debt bailout, and thus, gained precious breathing space. However, it had to offer huge concessions in lieu thereof including a commitment for spelling out details of reforms within a couple of days.

The 29 finance ministers of the eurozone arrived at a decision after tense talks especially between Greece and Germany which has been wary of the intensions of the new radical government of Greece with regard to its austerity obligations. The deal has been considered as a climb down for the popular Alexis Tsipras, the Greek Premier who was elected convincingly on the pledge of doing away with the Greek’s bailout regime. He will have to explain to his countrymen that it was the best possible deal.

As per Jeroen Dijsselbloem, the Eurogroup head, the meeting culminating in the grant of space for Greece was intense as it was meant for building trust between Greece on the one side and Europe on the other. The talk came to an end after a two-page statement was issued spelling out tough conditions Greece has to fulfill. Greece agreed to submit details of economic and other reforms by Monday to the much hated “troika” of creditors for reviewing the same. They have to report back to Greece next day on Tuesday with their decisions whether to go ahead with Friday’s agreement. There is every possibility of the compromise or the agreement being scrapped if officials are not satisfied with the reports of Greece.

As per Yanis Varoufakis, Greek finance minister, the agreement marked a new era for Greece, and its relations with the European Union. He further described the moment as pivotal as it had ended the Greek’s isolation for five years. However, he added that the agreement was dead if the list of agreements is not agreed upon.