The European leaders have hailed the Eurozone debt deal.

The German Chancellor Angela Merkel said she believed the agreed measures will prevent debt crisis from spreading to bigger economies. The Greek Prime Minister George Papandreou has hailed the deal as a new era for his indebted country.

The President of the European Council called it an ambitious overall plan which also stresses the importance of economic growth. The leaders, however, acknowledged that some details remain to be resolved and much more work was needed.