EU commissioner says lastest agreement crucial to keep Greece in eurozone

European economic commissioner Pier Moscovici here on Monday said that the summit of the eurozone arrived Monday morning at an agreement that finally opens a way out of the impasse of recent weeks and permits, which was crucial in the eyes of the Commission, to keep Greece in the eurozone.

"The European Commission, at all levels, that of the President, the Commissioners, our team was very committed, very mobilized in this fight (for the agreement). Today, this is achieved and it should be welcomed," said Moscovici at the press conference after the Eurogroup finance ministers' meeting.

He said the fresh agreement, which was released earlier this morning after eurozone leaders' summit, was demanding, while he thought it was also balanced between responsibilities for all and solidarity.

"It is an agreement that reflects the urgency and difficulty of the situation," he said.

Concerning the implementation of the agreement, he said that the Greek authorities have committed to voting in several laws by Wednesday.

He said secondly, the EU must find a solution to helping Greece cope with financial deadlines in coming weeks.

"We had a first discussion on this today - we have indeed decided to set up an ad hoc working group and we will now work hard to identify the best solution or the best bunch of solutions, in more promptly," he said.

He said that for the third point, the Commission was ready to give Greece any technical expertise that can be useful to enhance the capacity and efficiency of the Greek state, once the government has sent in its application meaning, adding that Greeks need a government that is more transparent and citizen-oriented and simply more effective.

"I believe it is essential that in parallel with the implementation of the commitments, it is necessary that from today everyone is working to restore understanding and trust between countries in the euro area and between countries in the euro area and their citizens," he said.

After marathon tough negotiations, the leaders of eurozone countries reached a bailout agreement for Greece to avoid bankruptcy, provided the Greek government implements harsh austerity measures in the coming days.

According to the official euro summit statement released in Brussels at the end of talks earlier this morning, Greece must legislate as of Tuesday sets of harsh measures and reforms as prerequisites to the release of any aid. Enditem