Greek gov't welcomes euro group deal as new page in cooperation with creditors

Greek government welcomed on Friday night the agreement that Greece and the Eurogroup reached in Brussels in principle for a four-month extension of the four-year bailout deal as a new page in cooperation with international creditors.

"Greece has turned page.... It was proved that we are not heading for the rocks, neither will we continue the memoranda," government sources told local media in a first assessment of the developments in Athens.

"Greece turns page, Europe turns page," Greek Finance Minister Yanis Varoufakis said during a press briefing in Brussels meanwhile, commenting on Friday's agreement.

Athens still needs to present to euro zone partners a list of reforms on Monday to clear the way for the ratification of the deal by national parliaments in coming days that will give a grace period to Greece until May to finalize its proposals for the post-bailout collaboration with its lenders.

The four-year bailout austerity and reform program which kept the debt-laden country afloat since 2010 expires on February 28 and without a new deal the country faced the specter of cash crunch and the risk of an exit from the euro zone.

The achievement of the intermediate agreement was hailed as a successful step in the right direction by the Greek side. The deal will bridge the expiring bailout program with the final agreement the new Left-led anti-bailout government aims to sign with European Commission, European Central Bank and International Monetary Fund in the summer on the restructuring of the Greek debt load.

Both Varoufakis and government sources in Athens welcomed Friday's agreement as an end to the suffocating memorandums signed by previous governments and troika inspectors.

Greek officials interpreted the text released after the Eurogroup meeting in Brussels as putting an end to austerity measures and commitments to unrealistic primary surpluses.

On the other hand, Greece was committed to refraining from any unilateral moves which could derail fiscal adjustment and structural reforms aimed at restoring growth.

The Greek side stressed that Greece would introduce policies which would have no negative effect on the state budget.

Political analysts in Athens commented that despite the different wording the new government was essentially forced to accept the conclusion of the expiring program and regular assessments by lenders in exchange of further vital aid. Endit