Brussels and Athens reached a reform-for-bailout compromise on Monday after weeks of wrangling that has eased fears of a Greek exit from the eurozone and renewed opportunities for deeper cooperation between Greece and China.

The deal has headed off the risk of fluctuations in global markets, according to Chinese and European observers who spoke of their "modest optimism" after eurozone leaders agreed to offer Greece a third bailout.

Prime Minister Alexis Tsipras said the breakthrough will enable his country to secure a "growth package" and debt restructuring after a "tough battle".