Greece has been given a better start to face the debt crisis that threatened the country with default and the eurozone with instability, said Greek Deputy Prime Minister and Finance Minister Evangelos Venizelos on Thursday.

He made the remarks after an EU deal with private investors on a 50 percent "haircut" on Greek debt struck earlier in Brussels.

"Now we have to continue structural reforms and painful measures that are our ticket to exit the crisis, but we begin from a better starting point," Venizelos said during a press conference.

The agreement that paves the way for an actual reduction of the over 350 billion euro ($495.9 billion) state debt by a third, he said.

The Greek official stressed that the terms of the new agreement are easier on states and taxpayers and heavier on banks in comparison to the previous July 21 deal.

He reassured that no additional austerity measures will be introduced in coming months and that the local banking system will remain sound through the recapitalization of banks in need.

Under the fresh 130 billion euro ($184.2 billion) worth deal, Greece will receive some 30 billion euros ($42.5 billion) as a guarantee for banks that will suffer losses due to the voluntary participation in the "haircut" plan.

Greece expects that the new EU agreement will be put in force by year end, the bond exchange plan will follow in January 2012 and by 2013 the country will be able to show primary surpluses for first time after a four-year deep recession, Venizelos added.

He noted that Athens is due to be granted the sixth 8 billion euro ($11.34 billion) tranche of the initial 2010 EU/MF bailout package in early November. Without it, the country would run out of cash by December.

"The decisions reached regarding the restructuring of the Greek state debt represent a great opportunity for Greece to move ahead," Greek Prime Minister George Papandreou said on Thursday afternoon, while briefing President Karolos Papoulias on the outcome of the EU summit in Brussels.

Papandreou expressed hope that the deal will calm down markets and put an end to "speculative attacks" against Greece and the European common currency.

"Now it's time to get back to work," said Papoulias. Papandreou will have a round of telephone contacts with party leaders and address the nation on television in the evening.

(CNTV.cn, Xinhua News Agency October 28, 2011)