Talks over Greece have ended with an announcement from German Chancellor Merkel that a deal has been struck after Sunday’s talks went late into the night.

The deal has sparked furious protests in Athens as the terms of the deal are seen as complete compitulation by Tsipras who had been campaigning for a no vote against austerity.

The votes of 61% of the Greek people have been totally disregarded as Tsipras agreed to harsh austerity measures being implemented by this Wednesday.

European equities rallied in the wake of the announcement building on strong gains last week.

The terms will have to be formally accepted by all parties, but Tsipras says the deal has averted a meltdown of the Greek banking system.

The terms of the deal include the establishment of a EUR 50 billion fund to hold Greek assets that will be used to repay creditors.

EUR 25 billion will be given to Greece to recapitalise it’s banks who have suffered months of capital outflows.

There will another Eurogroup meeting this afternoon to discuss bridge financing.