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Greek Finance Minister Yanis Varoufakis: ''We genuinely and faithfully targeted one objective, and that was the interests of the average European''
The Greek government is beginning work on a list of reforms it has agreed to submit to foreign lenders by Monday.
The reforms must satisfy the rest of the eurozone and the IMF in order for Greece to qualify for a four-month extension on its financial rescue plan.
The extension was offered at talks in Brussels on Friday.
The deal is regarded as climb-down for Greek Prime Minister Alexis Tsipras, who swept to power in January on a commitment to rolling back austerity.
German Finance Minister Wolfgang Schaeuble, a strong opponent of debt forgiveness, said Greece's leftist-led government would "have a difficult time" explaining the deal to its voters.
However, government spokesman Gabriel Sakellaridis defended the agreement on Saturday, saying the talks had yielded "significant benefits for the Greek people".
French President Francois Hollande described it as a "good compromise" for both Greece and its creditors.
Analysis: Robert Peston, BBC Economics Editor
Greece and Germany have stepped back from the brink. And for now Greece remains in the eurozone.
But there will be months of fraught negotiations before it will be clear whether the economy and finances of this recession-battered nation have been put back on a stable footing.
In fact, what was agreed on Friday night guarantees there will be no fresh crisis - no fears of Greece quitting the eurozone - for a full two days.
Because by Monday night, the Syriza government has to submit a preliminary list of proposed economic reforms - which will form the basis of negotiations till the end of April on a new financial settlement for the country.
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'Stifling' conditionsMr Schaeuble stressed on Friday that there would be no payment of new funds to Greece until the conditions of the deal had been met.
Yanis Varoufakis, the Greek finance minister, said he would work night and day until Monday to devise the list of reforms.
"If the list of reforms is not agreed, this agreement is dead," he admitted.
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Why is Greece having bailout talks? Explained in 60 seconds
Mr Varoufakis made clear earlier that his government was opposed to implementing pension cuts and raising VAT.
Whatever reforms he does draw up must be approved by the creditors for the financial rescue programme to be extended.
Greece's liberal daily Kathimerini warned on Saturday of "stifling" conditions attached to the deal in Brussels while the centre-left Ta Nea said both sides had made "compromises".
The Greek Communist Party (KKE) accused the coalition, which is led by its far-left rivals Syriza, of extending the bailout without getting the loan conditions changed.
"Ultimately the bill will be footed by the people, as it happened with all previous governments," KKE leader Dimitris Koutsoumbas said.
The government is already in trouble with its voters for seeking the bailout extension at all - something it swore it would never do.
On the streets of Athens, reaction to the deal in Brussels was mixed.
"I think it was positive in the sense that at least for now we can relax a bit," one man, Nikos, told the BBC. "We will have to wait see what will happen next."
But another man, Costas, dismissed the deal as a "somersault somersault that the whole world will remember".
"So many lies we haven't heard before or will hear in the future," he added. "It's always the same."
Dutch Finance Minister Jeroen Dijsselbloem, head of the Eurogroup of eurozone finance ministers, said on Friday night that the deal was a "very important" step in the process of rebuilding trust between Greece and its creditors - the EU, the European Central Bank and the IMF.
Greek economy in numbers- Unemployment is at 25%, with youth unemployment almost 50% (corresponding eurozone averages: 11.4% and 23%)
- Economy has shrunk by 25% since the start of the eurozone crisis
- Country's debt is 175% of GDP
- Borrowed €240bn (£188bn) from the EU, the ECB and the IMF
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