GREEK Prime Minister Alexis Tsipras proclaimed “a day of redemption” as he announced the end of austerity in a speech laden with classical symbolism on Tuesday.

He addressed the nation from the island of Ithaca, home to ancient Greek mythological hero Odysseus, as he compared the formal end of the country’s bailout conditions to his 10-year voyage home after the Trojan war.

“Greece has experienced a modern Odyssey since 2010. We struggled against many waves until we reached our destination today. Today is a day of relief and also the beginning of a new era,” Mr Tsipras said.

And he looked to the future “with boldness to Greece's rebirth and to create a country of equality, democracy and social justice, because Ithaca is only the beginning.”

But the Communist Party of Greece (KKE) warned that the “new day” was “built on the cinders of people and youth’s rights.”

Referring to the memorandum in which Greece’s foreign creditors set out their bailout terms, the party said: “The next day will be the continuation of the previous one as long as the memorandum’s laws, the strict supervision of the EU, the bloody surpluses, the labour jungle, the tax robbery, the downgrading of every aspect of human life will be here.”

The KKE denounced the Syriza-led government for continuing the same “anti-people, anti-worker” policies of the previous Pasok and New Democracy administrations.

“No trust, no illusion. Clear exit from austerity memorandums for the people means abolition of the memorandum laws and replenishment of the losses,” the KKE statement concluded.

Plans to hold a lavish celebration with EU dignitaries close to the Acropolis were scrapped in the wake of the Greek forest fire tragedy.