Taoiseach: Referendum delay proved costly for Greece

Taoiseach Enda Kenny has said that the delay caused by last week's bailout referendum has cost Greece dearly.

Enda Kenny admits the agreement, which must be passed by the Greek parliament, is "very challenging" for Athens.

Last night, Greece missed another €456m repayment to the IMF.

It must introduce a range of austerity measures if it is to secure a third bailout.

"It is about the opportunity for Greece, challenging though it is, to make its way back to becoming a contributing member of the Eurozone and to remain within the Eurozone - which the prime minister himself was very adamant that Greece and the Greek people wanted to do," he said.

"I think it's an indication of just how costly these measures become once any delay is incurred."

Arriving in Brussels, Finance Minister Michael Noonan said that Greece has several options - but agreed that the recent referendum has turned out to be "disastrous" for the country.

"We all know in democracies [that] political success and economic success o hand in hand," he said.

"They don't stay separate for very long, and once the No in the referendum triggered the closure of the banks and the restriction of money in the ATM machines through capital controls, the price of the bailout was going to be more expensive."