Aug 11, 2015 (LBO) – Greece and its international creditors have agreed on a new multi-billion euro bailout deal, Tuesday following continued talks, foreign media reports said.
“Greece and its international lenders were locked in talks overnight to seal a multibillion-euro bailout deal, racing against a countdown to European Central Bank (ECB) debt repayments falling due within days,” the report said.
The agreement will also keep the country in the eurozone and avert bankruptcy.
With the deal Greece has agreed to the function of a new independent privatisation fund, and how non-performing bank loans will be administered.
The report quoted, Greek finance minster Euclid Tsakalotos saying “two or three small details” were still pending in bailout negotiations.
The indebted country was hoping to wrap up a deal for 86 billion euros ($94.75 billion) in fresh loans so it can get parliamentary and other approvals for aid to flow by August 20, when a 3.2 billion euro debt payment is due to the ECB.
The agreement would mark the end of a painful chapter of aid talks for Greece, which fought against the austerity terms demanded by creditors for much of the year before accepting a deal under the threat of being kicked out of the eurozone.