Update: 12:37 p.m. It appears that Eurozone members aren't quite satisfied with the austerity deal that Greek leaders proposed. The BBC reports that German Finance Minister Wolfgang Schaeuble said the Greek plan was "not at a stage where it can be signed off". They also add that Luxembourg's Prime Minister Jean-Claude Juncker wasn't confident in that the deal would be signed off tonight, but commended Greek leaders for coming together.
After all-night meetings and a process riddled with delays and political posturing, Greek leaders have hammered out an austerity agreement to avoid default just in time for an EU meeting Thursday. "A few minutes ago, I got a call from the Prime Minister of Greece saying that an agreement had been reached and has been endorsed by the major parties," European Central Bank President Mario Draghi told a news conference in Frankfurt in the first official confirmation. Reuters notes that a sensitive issue, pension cuts, is still unresolved. The full package needs to be approved by the EU, IMF, and European Central Bank by February 15 so that paperwork can be finished before March 20-- Greece's projected default day.