Greece closes in on bailout deal possibly within the day

Greece closes in on bailout deal possibly within the day
Greece closes in on bailout deal possibly within the day

Athens, Greece - "I think we are very close," Greek Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-night talks with negotiators representing Greece's creditors at a central Athens hotel.



By AP

Published: Tue 11 Aug 2015, 11:33 AM

Last updated: Tue 11 Aug 2015, 1:39 PM

Greece has more or less concluded its bailout discussions with international creditors, officials said Tuesday, raising hopes that the country could be ready to finalize a deal within the day.
"I think we are very close," Greek Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-night talks with negotiators representing Greece's creditors at a central Athens hotel.
"Two or three very small details remain," he added, without elaborating.
Similarly upbeat remarks came from government aide Theodoros Mihopoulos, who said on Twitter that the negotiation had been completed and that "some details remain."
Greece's government is hoping to push the new 85 billion-euro ($93 billion) three-year agreement through parliament this week.
It needs a deal by Aug. 20 at the latest, when the country has a debt repayment of a little more than 3 billion euros to make to the European Central Bank. Greece won't be able to make that payment without funds emerging from the country's third bailout in just over five years.
However, many in the ruling left-wing Syriza party are voicing their opposition to the deal, which would see the imposition of further spending cuts among a series of austerity measures.
Figures next week are set to confirm that Greece's recession deepened in the second quarter as concerns over the country's euro future dented confidence.
Greece has relied on international bailouts worth a total 240 billion euros ($263 billion) since it lost market confidence and was unable to borrow from anyone else in 2010. To secure funds from the bailouts, successive governments have had to implement a series of spending cuts, tax hikes and reforms.
While the austerity has reduced budget overspending, the measures compounded a deep recession and fuelled record high unemployment.
Though the radical left-led government was elected on a staunchly anti-austerity platform in January, it has been forced into a policy U-turn after bailout talks came close to collapse last month.


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