The European Commission and Eurogroup head late on Friday praised the same-day deal to extend a three-year ESM stability support program for crisis-plagued Greece, saying eurozone members have “lived up to their commitments.”

“The past six months have been difficult. They have tested the patience of policy-makers and they have tested the patience of our citizens even more. Together, we have looked into the abyss. But today, I am happy to say that all sides have respected their commitments,” Commission President Jean-Claude Juncker said.

He added that the Tsipras government is living up to reforms agreed upon on July 13.

“The message of today’s Eurogroup is loud and clear: on this basis, Greece is and will irreversibly remain a member of the Euro area. And the European Commission will support Greece in developing a new and fair growth, jobs and investment perspective for its citizens,” he said.

On his part, Commission VP Valdis Dombrovskis, who announced the result of the Commission’s negotiations with Greece at the Eurogroup setting, noted that “today’s agreement will lift the uncertainty that has hung over the country and the euro area for too long. With full ownership, commitment and implementation, this deal will create new jobs and restore economic growth. We are ready to support Greece with all our instruments – from technical assistance to financial support.”

Dijsselbloem

Eurogroup head Jeroen Dijsselbloem referred to a “… comprehensive and ambitious reform package, it addresses the main challenges both on reaching sound public finances to return to growth, but also structural policy frameworks to enhance competitiveness. And finally it safeguards financial stability; it deals with the issues with the banks.”

Referring to capital controlled-plagued Greek banks, Dijsselbloem said stress tests will take place in autumn.

Schaeuble 

Conversely, German Finance Minister Wolfgang Schaeuble was more guarded in his response, saying the  latest bailout plan was “an opportunity” that must be exploited.

“We will have to wait and see … This is an opportunity … which would be utterly irresponsible not to exploit,” he said.

Moreover, the often hardline German FinMin reiterated that it was imperative for the IMF to participate in the latest bailout.