Rajoy urges Greece to seal debt deal 'as quickly as possible'

(MADRID) - Spain's Prime Minister Mariano Rajoy urged Greece on Thursday to seal a full international debt agreement "as quickly as possible" after Athens agreed to new terms with its eurozone creditors.

Rajoy said it was "essential" for Greece to follow through on the agreement and that he hoped the new bailout deal for the debt-ridden country would be ready in the second half of August.

"As quickly as possible, the Greek government must agree on a programme with the European Central Bank, the International Monetary Fund and the European Commission," Rajoy told a news conference in Madrid.

"We are faced with one of the last opportunities" to save Greece, he added.

Eurozone leaders on Monday persuaded Greece's leftwing Prime Minister Alexis Tsipras to immediately push through tough conditions in return for a fresh bailout worth up to 86 billion euros ($94 billion) to save Greece from financial collapse.

On Thursday, eurozone finance ministers approved the launch of formal bailout talks with Athens after the Greek parliament grudgingly passed the harsh reform package demanded by creditors.

Rajoy was speaking alongside Polish Prime Minister Ewa Kopacz after the pair met for talks. Both leaders face general elections later this year.

Rajoy said they both agreed that "reformist, moderate and pro-European policies are the way to ensure sustainable growth" in the face of challenges from protest parties.