Greece welcomes EU to release bailout funds (2)

However, leaders and commentators added there was still a lot of work to do on a national and European level to avoid a default which could destabilize the eurozone.

Greece, for its part, needs to continue structural reforms to recover, an article in "Kathimerini" (Daily) newspaper said on Tuesday.

Dimitris Papadimoulis, deputy leader of the main anti-bailout opposition SYRIZA party, said the Euro Group's decision was "a trauma plaster" that postponed painful decisions until after national elections in Germany in autumn 2013.

"This is not a fair and sustainable solution which will give Greece space to breathe. Merkel's stance is short-sighted and undermines the entire eurozone," he told local media.

Papadimoulis called for a further writedown of Greek debt and the investment of more development funds to Southern Europe.

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