Over 340 million Europeans in 19 countries use the currency today. The creation of a digital euro is among the challenges ahead, which could have “far-reaching implications for societies in the future”, says a Christian analyst.

The deal will need to be approved by eurozone finance ministers and national parliaments, European Commission explained.

Greece accepted the negotiation of a third bailout and immediate structural reforms. Parlamentarians of Syriza say the “deal is unacceptable”, and define it as a “coup.”

Greece’s banks are to remain shut for a week, and a referendum on the country's bailout conditions will take place next Sunday, 5 July.