Eurogroup: We need to reduce debt and restore competition to Greece
The group which has approved Greece's second bailout lays out its reasoning for the new bailout agreement:
"This new programme provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial stability in Greece and in the euro area as a whole.
"The Eurogroup is fully aware of the significant efforts already made by the Greek citizens but also underlines that further major efforts by the Greek society are needed to return the economy to a sustainable growth path.
"Ensuring debt sustainability and restoring competitiveness are the main goals of the new programme.
"We reiterate our commitment to provide adequate support to Greece during the life of the programme and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment programme."
