Creditors: Accord is just beginning

Strategist expects the Greek negotiation process to continue to 'blow hot and cold'

One phrase echoed from Brussels to Frankfurt and Washington as Greece's creditors examined and then waved through the country's new economic policies: "starting point".

While the month-old government in Athens was praised for coming up with a workable package of measures including maintaining state-asset sales and collecting more tax, the European Commission, European Central Bank and International Monetary Fund all warned that action speaks louder than words.