Martin Schulz on the political agreement in the Eurogroup on Greece

"The political agreement in the Eurogroup today is to be welcomed wholeheartedly. It does not solve all problems but it should buy very precious time and will allow further talks to continue in a more serene environment. We must now seize the opportunity to wipe the slate clean of the rhetoric and posturing that has polluted the environment for too long and work towards a mutually beneficial outcome.

Both sides have reason to defend their main lines and requirements. The creditors who are providing loans and guarantees have a legitimate expectation that Greece honours the commitments required of it. But Greece also has a legitimate right to require that the commitments required are designed in such a way that it can emerge from its deep recession.

The coming months must be a turning point. The key will be to have a deal which introduces less detailed and prescriptive requirements and opens up new avenues in which Greece should make progress. Foremost among these, Greece must work out and begin implementing a clear plan to make sure that the wealthy Greeks pay their dues and that corruption and maladministration are significantly reduced. The rest of the member states must support Greece on this, including by fully cooperating with the Greek tax authorities and where useful, through technical assistance. This is a potentially major source of revenue which must be tapped.

The EU has time and again overcome seemingly unsurmountable obstacles. Today is again proof of this. Both sides must now knuckle down and develop a positive plan to consolidate today's success."