Eurozone leaders made Greece surrender much of its sovereignty to outside supervision Monday in return for agreeing to talks on an €86 billion bailout to keep the near-bankrupt country in the single currency.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

"Clearly the Europe of austerity has won," Greek Reform Minister George Katrougalos said.