New Greek eurozone bailout deal is welcomed by Cameron
Britain has welcomed the deal which saw Greece pull back from a potentially catastrophic economic collapse.
Prime Minister David Cameron said the agreement between Athens and its eurozone creditors enabling fresh bailout talks to go ahead offered the chance of stability in the single currency bloc.
With his country teetering on the brink of bankruptcy, Greek prime minister Alexis Tsipras agreed to push through a draconian new austerity plan as the price of remaining in the single currency.
Following all-night talks in Brussels with the leaders of the 19-nation eurozone bloc, Mr Tsipras said he had managed to fend off the "most extreme measures" demanded by Greece's creditors.
He must now win the backing of the parliament in Athens for fresh pension, market and privatisation reforms less than two weeks after the Greek people overwhelmingly rejected further austerity in a referendum.
Mr Cameron insisted that it was in Britain's interest that the eurozone deal was now properly implemented.
"What's in Britain's interest is that there is stability in the eurozone and there isn't the threats of uncertainty and instability," he said.
"And I think this deal gives that sort of stability a chance. But obviously there is long way to go to put into place all the things that have been agreed."
Mr Tsipras - who was forced to accept a series of politically unpalatable measures to prevent his country crashing out of the eurozone - insisted that he had got the best deal possible.
The agreement to begin talks on Greece's third bailout in five years allows the European Central Bank to continue providing the emergency liquidity to the Greek banks which is keeping them from collapse.
However Mr Tsipras may pay a high price for the deal which is likely to be opposed by many on the left of his own party which was swept to power on an anti-austerity platform.
He appears to have calculated that with most Greeks determined to remain in the euro he had little choice but to accept the terms on offer.