This is a deal that heaps more misery on Greeks | Vicky Pryce

The price of averting Greece's exit from the euro, and even the European Union, is further painful austerity - surely a recipe for social turmoil

After months of fierce negotiations with its creditors, has Athens blinked? Fearful of the domestic reaction to a Greek default and the Grexit that would almost certainly have followed, its radical left, anti-austerity government gave ground and promised more tax increases and spending cuts. Not huge, but it seems almost enough. Eurozone leaders who had gathered, amid deep pessimism and dire warnings, for an emergency summit on Monday night were able to go home on a positive note, raising hopes that a deal extending the Greek bailout will be announced by the end of this week. The IMF, the European Central Bank and the European commission (on behalf of the other eurozone governments) are said to be crunching the numbers in the Syriza proposals. But the need to keep the euro intact seems to have won out for now.

Related: Greek crisis: Athens defends planned tax rises - live updates

Membership Event: Guardian Newsroom: Can Greece be saved?

Years of austerity loom. More bailout money, but also more hardship and no - or very slow - growth

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