Greek politicians agree on austerity terms for bailout deal. But European leaders have seen it before and are waiting on the fine print.

Greek political leaders appear to have clinched a long-awaited deal to secure a second bailout that could prevent a much feared debt default.

Here's my analysis from this morning's edition of AM.

While the breakthrough has been welcomed, EU finance ministers arriving for talks in Brussels this morning have warned that Greece still needs to prove itself by enforcing the strict austerity measures attached to the deal.

Greek taxpayers are bracing for more pain with a cut to the minimum wage and deeper cuts to the public services. However, a much feared increase in the retirement age has been spared.

European stocks closed slightly higher underscoring the scepticism of investors who've had their hopes dashed before.