Greece, EU Lenders Agree New Bailout Deal

Greece, EU Lenders Agree New Bailout Deal
Tue Aug 11, 2015 15:54:37

Greece and its international creditors agreed a new multibillion-euro bailout deal on Tuesday, in an accord which will keep the country in the Eurozone and avert bankruptcy.

The Greek finance minister, Euclid Tsakalotos, said on Tuesday that minor details were left pending in talks with lenders after all-night negotiations concluded on a new bailout package to keep Greece financially afloat.

Two or three small issues are pending with lenders, Tsakalotos told reporters after 18 hours of talks with the European Union, the European Central Bank and the International Monetary Fund in Athens.

Greece needs up to €86bn (£61bn) to stave off a financial meltdown and stay in the eurozone. At least €3bn is needed by 20 August to settle an ECB debt.

Earlier, a senior Greek finance ministry official said the two sides had agreed on a wealth fund to handle privatisations, and how to address nonperforming loans in its banking sector. Both issues had been key sticking points in talks.

“Finally, we have white smoke,” the official said, according to a Reuters report.

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