Following more than 16 hours of talks, EU leaders announced Monday morning that they reached an agreement with Greek Prime Minister Alexis Tsipras on the conditions Greece must implement to receive a new bailout, EU Observer reports. Required measures include streamlining VAT and pension reform, privatizing state assets and rolling back measures taken by the Tsipras government, which included the planned rehiring of government workers. The Greek parliament must approve the reforms in order for the official bailout negotiations to begin. Greek banks are currently on the verge of collapse, and capital controls have been in place for two weeks.