He cited Israel's destruction of buildings and killings that included civilians. "This is their accomplishment," he said. "They have nothing else to show. And our rockets continued to strike them until the last minute."
Besides a cease-fire, the agreement calls for the discussion of a number of issues, including freedom of movement in and out of Gaza and a commitment by Israel not to target Palestinian militants within Gaza.
(2:19 p.m. ET, 9:19 p.m. local) Israeli government spokesman Mark Regev on cease-fire agreement
Israeli government spokesman Mark Regev said the agreement calls for "complete and total cessation of all hostile activity initiated in the Gaza Strip."
"For us, that's victory. That's what we wanted," he told CNN's Wolf Blitzer.
Israel will hold Hamas responsible for any attacks from Gaza, whether conducted by that organization or any others, Regev said. He said the agreement reflects that understanding.
Regev also said the deal calls for immediate talks on economic restrictions on Gaza.
"If the border is quiet, that enables us to be more forthcoming," he said. "The arrangements agreed with the Egyptians say we'll start talking from tomorrow about a process to work on those issues."
(12:49 p.m. ET, 7:49 p.m. local) U.S. President Barack Obama on cease-fire announcement
President Barack Obama on Wednesday commended Israeli Prime Minister Benjamin Netanyahu for following his recommendation to agree to a cease-fire with Hamas that was brokered by Egypt, the White House said.
(12:41 p.m. ET, 7:41 p.m. local) Hillary Clinton on cease-fire announcement
The Israeli-Hamas cease-fire announced Wednesday should "improve conditions for the people of Gaza and provide security for the people of Israel," U.S. Secretary of State Hillary Clinton said.
She made the remark at the news conference at which Egypt's foreign minister announced the cease-fire would begin at 9 p.m. local time (2 p.m. ET) Wednesday.
(12:30 p.m. ET, 7:30 p.m. local) Cease-fire to take effect Wednesday night, Egypt's foreign minister says
A cease-fire between Israel and Hamas will take effect at 9 p.m. local time (2 p.m. ET) Wednesday, Egypt's foreign minister announced in Cairo.