Greece Agrees Bailout Deal Terms, Says Finance Minister Euclid Tsakalotos

Greece’s finance minister Euclid Tsakalotos has announced his country has broadly agreed the substance of a bailout deal with its creditors.

“Two or three small issues,” are pending with lenders, Reuters quoted Euclid Tsakalotos as saying.

A bailout agreement is needed to keep Greece in the eurozone and avert bankruptcy.

The Greek government is hoping to push the new €86 billion three-year agreement through parliament later this week.

Greece needs a deal by August 20, when the country has a debt repayment of about €3 billion to make to the European Central Bank (ECB).

The country will not be able to make that payment without funds emerging from its third bailout in just over five years.

Emerging from all-night talks at a central Athens hotel with negotiators representing Greece’s creditors, Euclid Tsakalotos said: “I think we are very close.”

“Two or three very small details remain,” he added.

Earlier, Reuters quoted a Greek official as saying an agreement had been reached.

Greece has agreed the function of a new independent privatization fund, and how non-performing bank loans will be administered, according to the official.

Both issues had been key sticking points in negotiations.