European leaders reached an agreement with near-bankrupt Greece Monday on a third debt bailout, removing an immediate threat that the country could collapse financially and leave the euro, NBC News reported. Jean-Claude Juncker, president of the European Commission, confirmed to reporters: "There is no Grexit." The agreement includes the privatization of some state assets and needs to be ratified by a reluctant legislature in Athens as well as parliaments in other eurozone countries. Summit chair Donald Tusk said the European bailout program includes "serious reforms" and "financial support." Tough conditions imposed by international lenders, led by Germany, could bring down Prime Minister Alexis Tsipras' leftist government and cause an outcry in Greece.