The United States has hailed the agreement reached between Greece and its international creditors as a key development toward rebuilding trust and reviving the country’s economy.

On Monday, after several grueling rounds of negotiations, Greece reached a bailout deal with the eurozone which will prevent the country from crashing out of the European single currency.

Eurozone leaders made the leftist government of Prime Minister Alexis Tsipras surrender much of Greece’s sovereignty to foreign supervision in return for a three-year bailout worth up to 86 billion euros ($96 billion).

"The agreement provides a basis for restoring trust among the parties and creates the conditions for a path forward for Greece within the eurozone, which is in the best interests of Greece, Europe and the global economy," US Treasury Secretary Jacob Lew said in a statement on Monday.

He stated that Greece's commitment under the deal requires difficult fiscal and structural reforms, but it also "reflects a commitment by its creditors to provide financial support and help create a path for Greece to return to growth, and achieve debt sustainability.”

"These pledges will require difficult steps by all of the parties and substantial work remains to be done. The United States will remain engaged with all parties in this important period," he said.

Anti-austerity Greek protesters and even some government officials have denounced the deal, saying the new terms accompany harsh measures which will bring painful repercussions for the Greek people.

The EU creditors' plan offered over Greece’s third bailout deal is “very bad,” a government official in Athens says.

“The text in its entirety is very bad," and sets brutal conditions for Greece, the unnamed official was quoted by Associated Press as saying.

Greece received two bailout packages in 2010 and 2012, worth a total of 240 billion euros (272 billion dollars), from the creditors -- the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) -- following the 2009 economic crisis in exchange for implementation of tough austerity measures.

The country has already defaulted on a 1.5-billion-euro debt payment to the IMF.