Eurogroup will decide on the disbursement of the tranche

After the Summit in Brussels, EU leaders praised Greece and the efforts made by the Greek people.

"We welcome the progress made between Greece and the Troika to reach an agreement on the adjustment program, and look forward to the completion of the ongoing review," reads the statement about Greece by the heads of State and governments of the 17 member-countries of the Eurozone.

The announcement states:

«The Eurogroup will evaluate the outcome of the review and make the necessary decisions. We applaud the determination of the Greek government to fulfill its commitments and commend the outstanding efforts of the Greek people. Good progress has been achieved in order to bring the program back on track. We expect that Greece will continue the reforms of structural and fiscal policy and encourage efforts to ensure their timely implementation. This is necessary in order for the private sector to become more competitive, as well as increase private investments and the efficiency of the public sector. These conditions will allow the resumption of growth in Greece and will ensure its future in the Eurozone."

Barroso, Rompuy and Hollande in support

Barroso and Van Rompuy expressed their support for Greece. "Antonis Samaras told us all about the efforts of the Greek people and we all wanted to send a clear message that if you continue we will support you in every way," said Van Rompuy, and Barroso stressed that "the documents published about Greece are the evidence of our support to your country."

French president Francois Hollande said that Europe is moving forward, hinting that the main disagreements are not detected between France and Germany, but rather between the two countries and Great Britain. Chancellor Angela Merkel said the agreement on a common Eurozone budget could become a reality even by December.

On Friday morning Antonis Samaras will have a private meeting with Merkel on issues concerning Greece. Speaking at the EU Summit on Thursday evening, he asked for the immediate disbursement of the entire tranche, defended the determination of the Greek government to undertake the necessary reforms, and spoke extensively about the sacrifices of the Greek people.

After the warning shots Paris exchanged with Berlin, with Hollande denouncing Berlin for reluctance to implement the decisions made in the summer, and German Finance minister Schäuble proposing his own master plan for Europe, it seems the right balance has been struck but is more reminiscent of a deep rift in the once-mighty Franco-German axis. That is, the designation of the starting date for the procedures of the banking supervision in the Eurozone and subsequently, the banking union; a "Pyrrhic victory" for Hollande, as the pan-European supervision of banks will begin to be introduced gradually from January 1, 2013 but will not be completed before the federal elections in Germany.