French President Francois Hollande on Monday hailed the "courageous choice" of Greek Prime Minister Alexis Tsipras after he struck a reforms-for-bailout deal with the eurozone.

"Tsipras made a courageous choice at the same moment when he was asked for other reforms," Hollande said after 17 hours of talks concluded in Brussels.

He said the parties had reached "a historic decision" that allowed Greece to stay in the eurozone, which included "restructuring of debt".