After five hours of talks today, a statement was agreed by ministers which will now be considered by the 19 heads of State in Brussels yesterday evening.

The agreement of a statement, which outlines a series of reforms Greece must implement immediately, appeared a long way off when talks resumed yesterday morning.

But the Syriza Government is understood to have significantly strengthened its commitment to implement a suite of austerity measures in return for €75bn in bailout funds.

Prime Minister Alexis Tsipras will be forced to return home and immediately introduce legislation surrounding areas such as VAT and pensions in the Greek parliament.

Assuming the draft text is agreed by the heads of State in Brussels this evening, the prospect of a Greek exit from the euro will be put off for now.

Several other countries, such as Spain, Slovakia and Germany, are taking a tough approach, arguing that the Greek plan of €53bn is likely to balloon to €80bn and therefore cannot be accepted.

They are pressing the Greek government to undertake immediate legislative action in parliament next week to reform pensions and VAT. It will be the second in a week, but is highly unlikely to be definitive.