11th August 2015
Greece has finally managed to seal a bailout deal “in principle” with its creditors, the European Commission (EC) has confirmed.
It will mark the third bailout for the economically challenged nation in just over five years.
According to BBC News the EC said the deal, which Greece needs if it is to stay in the eurozone and avoid bankruptcy, had been agreed but it still needs political approval.
An EC spokesperson said a technical deal had been agreed on Monday night between Greece, the International Monetary Fund and the European Central Bank according to the report.
Commission spokeswoman Annika Breidthardt said: “The institutions and the Greek authorities achieved an agreement in principle on a technical basis. Now as a next step, a political assessment will be made.”
The Greek government want to drive a fresh €86bn (£60bn) three-year agreement through parliament this week and it must have it finalised by 20 August, when it has to repay €3bn to another of its creditors, the European Central Bank.