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There can come a point when levels of indebtedness are so high that efforts to pay in full will be counter-productive.
Syriza voted back into power with 35% of votes. It has been the fifth national election in only six years.
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.”
European officials say Greece could abandon the Euro. Tsipras celebrates “victory of democracy” and Finance Minister Varoufakis resigns to help new negotiations.
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.
Archbishop Ieronymos commented he was willing to help, as long as the money raised would go to pay the debt.Primer Minister Tsipras thanked him.
Hours after the election, left-wing anti-austerity leader Alexis Tsipras gets support of nationalist party. Analysts describe election as “revolt of the young against the corrupt elites”.