September 24, 2018

Greece near 86 Billion Euros Bailout Deal

Greece near 86 Billion Euros Bailout Deal

Greece has all but finalised the terms of its third bailout from international creditors, with only a few small details remaining, according to the country’s Finance Minister.

AP reported that, upon emerging from all-night talks with Athens’s creditors, Finance Minister Euclid Tsakalotos told reporters: “I think we are very close.” Tsakalotos, who replaced Yanis Varoufakis as Finance Minister after the latter stepped down in July following Greece’s referendum on the bailout terms, added that just “two or three very small details remain” before the deal is completed.

Reuters quoted an unnamed Greek Finance Ministry official who said that “an agreement has been reached” and that the “minor details” would be ironed out imminently. “Finally, we have white smoke,” the official said. According to Reuters, the deal is thought to be worth up to 86 billion euros ($95 billion), though this has not been officially confirmed. Athens expects the deal to be ratified by Parliament on Wednesday or Thursday, before being checked by eurozone finance ministers on Friday. Greece needs the first tranche of bailout funds to be delivered by 20 August, when it due to repay a 3.2 billion euro ($3.5 billion) debt to the European Central Bank (ECB). Read more

 

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