Osborne: Deal shows the eurozone capable of saving its currency
Chancellor George Osborne welcomes the agreement on a new bailout for the indebted Greek government:
"I think the important thing about this deal is that they have tried to get Greece into a reasonable place vis-a-vis its debt sustainability.
"That's been the crucial missing ingredient. They have not, in the past, come up with a sustainable position for Greece. I think they have made real progress now towards giving a sustainable debt position for Greece.
"Of course the Greek people, the Greek political system has to deliver really difficult decisions now but I don't think Greece has any other option.=
"The other significant point about last night's deal was that the rest of the eurozone signalled a willingness to stand behind their currency and stand behind Greece and, frankly, all along the failure to deal with the Greek situation has caused uncertainty. Hopefully we can all move on now and get the European economy growing."
