French lawmakers approved the new Greek rescue package on Wednesday with Prime Minister Manuel Valls saying the controversial bailout-for-reforms deal was the only way out of the crisis.

The agreement, reached by the eurozone leaders over the weekend after 17 hours of negotiations and meant to prevent Greece's economy from collapsing, was approved in a 412-69 vote in the National Assembly, the lower house of the French parliament.

The upper house, the Senate, backed the deal by 260 votes to 23.

In an emotional speech in parliament Valls said the deal, which is imposing further austerity measures on Greece in exchange for a three-year bailout worth up to EUR 86 B, was the only way to create opportunities to revive the Greek economy.

The bailout "is vital to give Greece the breathing room it needs to imagine a future that's not only about paying back its debt," Valls said, according to AP.