ECB's Coeure: Greece will now be dependent on the markets, which will not be easier or more pleasant

Last Thursday's Eurogroup agreement to help Greece manage its huge debt pile as it exits the bailout program is a "turning point," European Central Bank board member Benoit Coeure told France's Le Figaro on Monday.

"Greece can now free itself from European stewardship. The sacrifices made by Greek society, supported by European solidarity, have paid off," he said.

"For those who have doubts about this solidarity, I would like to point out that Europe provided Greece with funding of 245 billion euros!," Coeure added, brushing off criticism that the deal reached in Luxembourg does not go far enough to make Greece's debt sustainable in the long term.

"The measures decided upon by the Eurogroup go in the right direction, because in the medium term they will make Greece's debt more sustainable and in the long term the ministers declared their willingness to take...