Greek Prime Minister George Papandreou has expressed satisfaction at the financial plan approved by his 15 eurozone counterparts in Brussels on Thursday, which offers Greece a financial safety net if it finds itself unable to borrow money on the international money markets.

“Europe has taken a step forward… Europe and Greece will emerge stronger from this crisis,” Papandreou told reporters in Brussels on Thursday, describing the decision as “an indisputable success.”

European leaders agreed on Thursday night to support the French-German rescue plan for the Greek economy. The two countries had announced shortly before the Eurogroup meeting that they had come to a compromise solution regarding the aid package that would be established to help Greece.

Under the terms of the EU agreement signed off on Thursday Greece is entitled to access financial aid from the euro zone and the International Monetary Fund (IMF) if its austerity measures fail to re-balance the country’s economy.

The rescue plan is based primarily on bilateral loans and is supplemented by IMF assistance.

It would provide individual loans from other euro zone countries and funding from the International Monetary Fund, in order to rescue Greece if the country found itself unable to borrow or pay its debts.

However, the short text outlining the rescue package — which is short on details — specifies it can only be used as a last resort and requires unanimous agreement of all euro-zone members.

The Greek Prime Minister, George Papandreou expressed his satisfaction with the developments stressing the fact that the sacrifices of the Greek people are producing results adding that this decision signifies an important moment for Europe.

“The struggles and sacrifices of the Greek people are bearing fruit. The policy of responsibility is being vindicated. We are safe,” Mr Papandreou immediately after the conclusion of the meeting of European leaders.

“The European Union came across a tremendous challenge and raised itself to the occasion,” he added.

Commenting on the how the Greek government handled the situation, the Greek Prime Minister said: “We moved with prudence, caution, and decisiveness. We [the government] are on a march with the Greek people. We convinced [them] that they are dealing with a credible Greece that has a plan for its [future] course.”

He reassured reporters that no additional measures would be introduced, remarking that the wage freezes, tax increases and cuts to civil servants’ benefits voted through the Greek Parliament earlier this month “were already enough.”

The reaction by the political opposition was less welcoming.

“This is a time for reflection, not celebration,” Antonis Samaras, the leader of the conservative main opposition New Democracy said in a statement, saying his party has “serious reservations” about the eurozone plan. “So they want Greece to reach the point of bankruptcy before they help us?” the statement said.

Samaras called for the immediate measures to boost the market “so that the recession will not deepen and become permanent,” stressing that if no action was taken new and more serious measures will need to be taken to decrease the deficit.

The Communist Party (KKE) predicted that the involvement of the IMF would oblige Greece to take more “measures that hurt the people.” “The participation of the IMF reveals the weakness of the EU,” a KKE statement said.

The leader of the Coalition of the Radical left Alexis Tsipras, also claimed that the plan does not fundamentally change anything as it still leaves the Greek economy subject to ‘profiteering’.

Mr Tsipras said that the European Union plan, if used, will lead to an International Monetary Fund (IMF) intervention which, for Greek citizens, will have even greater consequences for their well being than the austerity measures announced over the last few months.