Grexit now belongs to past: Greek PM

The bailout agreement the eurozone summit reached with Greece in Brussels on Monday will be difficult to implement, but Grexit scenarios now belong to the past, Greek Prime Minister Alexis Tsipras said when exiting the marathon talks.

"We fought a tough battle over the past six months to secure an agreement that will give Greece the opportunity to stand on its feet. We faced hard dilemmas... We took the responsibility of difficult decisions to avert the plans of extremely conservative circles," the leftist leader told reporters in Brussels.

"The deal is tough, but we have averted the transfer of Greek state assets abroad and a plan for the asphyxiation of liquidity and collapse of the financial system," Tsipras said in a statement broadcast live by Greek media.

The Greek prime minister acknowledged that the deal may cause recession.

However, he appeared convinced that the pressure will be balanced through a 35-billion-euro growth boosting program, the creditors' commitment to debt restructuring and the financing of the country.

He said all these elements have eliminated the specter of a looming bankruptcy and Grexit.

Tsipras also expressed confidence that Greek people will support the agreement and the government's efforts to restore growth.

He promised radical reforms that will benefit society, a fair distribution of burdens based on social justice and the launch of a new battle against the oligarchs in Greece. Endi