The new deal was reached after 17 hours of negotiations. If the talks had failed, Greece could have faced bankruptcy and a possible exit from the euro.
Prime Minister Alexis Tsipras announced Saturday that he will seek to put the final terms of a bailout offer as a referendum before the Greek people.
Panic has set in as Prime Minister Alexis Tsipras has announced a referendum to decide on austerity demands from foreign creditors.
Greek citizens have withdrawn $4.54 billion from banks in the last week, while he deadline for the country's next debt repayment is Tuesday, June 30. Today's talks are decisive in resolving the crisis.
"We have spent the last two weeks discussing who will meet who, where, and in what configuration," said Jeroen Dijsselbloem, leader of the Eurozone finance ministers. "There is no further time to lose."
The eurozone's financial heads failed to reach an agreement to resolve the Greek debt crisis for the second time in less than a week during negotiations in Brussels.
While a Eurogroup meeting in Brussels broke down without an agreement, people gathered peacefully in Athens to support their government's anti-austerity plan.
The latest bailout payment to the European Union has made a lot of people upset.