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.
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.
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.
Greece is to extend the bank holiday for two more days and will reconsider the situation on Wednesday, Reuters has been told.
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."
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."
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.
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."
Nigel Farage quick out of the traps on the emerging #Greece deal: shows '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.
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.
German Chancellor Angela Merkel said that a deal was struck over the Greek crisis despite the recent loss of trust, which she called, "the most important currency."
This success has come in spite of the fact that in the past few weeks and months, the most important currency, namely trust, was indeed lost between us, but as we all know, paper is patient.
In other words, (going forward) step by step, what will be important will be to implement what we have agreed on during the night. In the opening paragraphs of this document, we point to the fact that trust needs to be rebuilt, that those in charge in Greece have to to take responsibility for what we have decided here politically in order to be able to implement all of it.