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Lagarde: Greek deal 'is a first step to rebuilding growth'

International Monetary Fund (IMF) Managing Director Christine Lagarde talks to Greek Finance Minister Euclid Tsakalotos. Credit: Reuters

International Monetary Fund (IMF) Managing Director Christine Lagarde said that the deal on Greek debt is "a first step."

Without doubt, we have the feeling that it's a first step to rebuild growth. Now we have to implement the measures and continue with the steps.

– Christine Lagarde

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Greeks call German minister a 'Nazi' after debt deal

Many Greeks have reacted angrily to news of the deal agreed by eurozone leaders, with many directing their anger at the German Chancellor Angela Merkel and especially towards finance minister Wolfgang Schaeuble.

A poster depicting a defaced image of German Finance Minister Wolfgang Schaeuble on the wall of a Eurobank branch in Athens. Credit: Reuters

Newspapers laced the morning's headlines with references to World War Two and railed against what they see as Berlin's attempts to humiliate Greece.

In particular, Greeks bristled at Schaeuble's proposal, which was not included in the final deal, for a temporary Greek exit from the euro zone, which many saw as tantamount to expulsion by stealth.

A poster depicting a defaced image of Schaeuble on the wall of a Eurobank branch in Athens highlighted the anger felt by some on the streets of Greece.

Cameron: Greek deal 'gives stability a chance'

David Cameron has welcomed the Greek debt deal, saying it gives stability in the eurozone a chance.

The Prime Minister said: "What's in Britain's interest is that there is stability in the eurozone and there isn't the threats of uncertainty and instability and I think this deal gives that sort of stability a chance. But obviously there is a long way to go to put into place all the things that have been agreed."

Osborne gives 'cautious welcome' to Greek deal

George Osborne has cautiously welcomed the Greek deal, but said: "we need to make sure it works for our country as well as the rest of Europe."

The Chancellor added: "What we really want to see is this turned into a lasting solution. Because this risk from Greece hangs over the whole European economy, including Britain."

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Greek rescue deal: What we know so far

Eurozone leaders have reached a tentative deal on Greek debt - here's what we know so far:

  • The Greek government requested a three-year,€53.5 billion (£38.5 billion) rescue package from Europe's bailout fund. The fund will be run with European oversight.
  • In return for a commitment from Greek PM Tsipras to push through pension, market and privatisation reforms, the 18 other eurozone leaders have agreed to start talks on a new bailout.
  • However the Greek parliament must still approve the agreement.
  • The deal means that the ECB can continue to support Greek banks, which have come close to collapse.

National democracy and eurozone membership 'incompatible'

Nigel Farage has reacted to the tentative Greek debt deal to say that the agreement shows that: "national democracy and membership of the eurozone are incompatible."

If I were a Greek politician I would vote against this deal. If I were a Greek 'no' voter I would be protesting in the streets. Mr Tsipras's position is now at stake. This conditional deal shows that national democracy and membership of the eurozone are incompatible.

– Nigel Farage, Ukip leader

Hollande on Greek bailout deal: Europe has won

French President Francois Hollande. Credit: Reuters

French President Francois Hollande has said "Europe has won" as a debt deal was struck with Greece.

He said that to have lost Greece as a member would have been to lose "the heart of our civilisation" and called on the Greek parliament to convene within hours to adopt the new package of austerity measures.

Greek banks are expected to remain closed for a few more days while details of the package are finalised.

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