Greek Prime Minister Alexis Tsipras delivers a speech in Athens, Greece, on June 22, 2018. In a symbolic gesture which brought smiles here, Greek Prime Minister Alexis Tsipras wore a tie on Friday as Greece celebrated Eurogroup's "historic decision" on the Greek debt that opens the way for the exit from the bailouts era this summer after eight years of debt crisis. (Xinhua/Lefteris Partsalis)

ATHENS, June 22 (Xinhua) -- In a symbolic gesture which brought smiles here, Greek Prime Minister Alexis Tsipras wore a tie on Friday as Greece celebrated Eurogroup's "historic decision" on the Greek debt that opens the way for the exit from the bailouts era this summer after eight years of debt crisis.

"The bets must be honored when they are won. I face some difficulties, but I will get used to it," Tsipras said when appearing at Zappeion exhibition hall in the center of the Greek capital on Friday evening, wearing a tie for the first time since he first assumed office in early 2015.

The Greek prime minister's quite informal dress etiquette had been a topic of teasing by his European partners who gave him ties as presents, after he had said that he would put on a tie only when the Greek debt is cut.

On Friday he put one on for the meeting of the ruling coalition's MPs which was broadcast live on Greek public broadcaster ERT.

Under Thursday's agreement in Luxemburg on the long- awaited Greek debt relief in order to ensure the sustainability of the Greek debt load after the expiry of the third bailout this August, Greece will receive a 10 year extension for the repayment of its European Financial Stability Facility (EFSF) loans and an additional 10 year grace period for interest payments.

In addition, the Euro group gave the green light to release to Athens a 15 billion euros (17.4 billion U.S. dollars) final loan installment of the 86 billion euro package sealed three years ago which will be used to cover some of its debts to the International Monetary Fund and the European Central Bank.

Following Thursday's decision, Greece will now have a more than 24 billion euros cash buffer to meet its financing needs over the next two years. "Yesterday we had a historic agreement... It is a deal which reflects the moral duty of our partners in response to the sacrifices of Greek people over the past eight years, so that the euro zone remains undivided," Tsipras said during a meeting here with Greek President Prokopis Pavlopoulos earlier on Friday to formally brief him on the outcome of Thursday's talks.

"A new chapter is opening for the country, but that does not mean that we should abandon the prudent path of fiscal balance and structural reforms our country needs," Tsipras said in statements broadcast on ERT.

"The decision to stay on our European course was, I strongly believe it today, a decision made by the majority of Greek people... Now we should all, we and our partners, acknowledge that what was achieved was thanks to the sacrifices of Greek people," Pavlopoulos said on his part.

The markets' initial positive reaction to the news of the agreement was reflected on the drop of Greek state 10 year bond yields to the lowest level since mid-May to 4.11 percent, Greek national news agency AMNA reported.

The Athens Stock Exchange also welcomed the decision with equity prices rising on Friday and the basic share price index up 2.23 percent standing at 790.13 points shortly after the opening.

The headlines on the front-pages of Greek newspapers at kiosks also reflected the optimism.

Addressing the meeting of government MPs on Friday Tsipras acknowledged that a crucial battle has been won, but the war to build a strong economy and heal the wounds of the crisis continues. As he made these remarks he removed his necktie. (1 euro= 1.16 U.S. dollars)