Eurozone finance ministers have agreed a statement on plans to negotiate a third bailout for Greece.

After tense and “frank” meetings throughout last night and today, Greece agreed to stronger, legally binding commitments to introduce reforms of its economy in exchange for tentative Eurogroup support.

According to sources ‘prior actions’ - such as legislation through Greek parliament which will bind Greece’s commitments to the reforms - is a stipulation before any discussions on a new Memorandum of Understanding can ensue.

Initially the cost of the third Greek bailout was predicted to be in the region of €50.5 billion, but that estimate has risen to over €75 billion due to its vastly deteriorating economic situation.

Euro finance leaders therefore wanted commitments for deeper cuts and faster reform. Trust was also a major obstacle for agreement, and several countries are still very sceptical that Greece will implement the changes.

On his way in to the eurozone summit of heads of state and government, Taoiseach Enda Kenny said over the “in very frank and forthright exchange of views, the Greeks have strengthened their commitment to change and to building trust which seems to be a fundamental issue with a lot of people.”

Here's the list of reforms in the #Eurogroup draft that Greek government has to pass by Wednesday to get bailout pic.twitter.com/nEF8OmDBiA

— Tara Palmeri (@tarapalmeri) July 12, 2015