Eurogroup welcomes Greek bailout deal

Eurozone finance ministers have welcomed the agreement of the new Greek bailout package.

In a joint Eurogroup statement released by the European Commission today, the ministers from 17 eurozone nations said ensuring debt sustainability and restoring competiveness are the main goals of the new programme.

"This new programme provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial stability in Greece and in the euro area as a whole," the statement said.

"The Eurogroup is fully aware of the significant efforts already made by the Greek citizens but also underlines that further major efforts by the Greek society are needed to return the economy to a sustainable growth path.

"We reiterate our commitment to provide adequate support to Greece during the life of the programme and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment programme."

Meanwhile the Commission said it will establish a permanent presence on the ground in Greece, consisting of experts from other member states who will ensure that the terms of the bailout are met.

Greece has also agreed to amend its constitution to ensure that priority is given to meeting the terms of the bailout and servicing its debt.