Date
20 January 2017
Greek Economy Minister George Stathakis (L) and Finance Minister Euclid Tsakalotos leave a hotel in Athens Tuesday following an overnight meeting with international creditors. Photo: Reuters
Greek Economy Minister George Stathakis (L) and Finance Minister Euclid Tsakalotos leave a hotel in Athens Tuesday following an overnight meeting with international creditors. Photo: Reuters

Greece and creditors agree on bailout terms after marathon talks

Greece and its creditors reached an agreement Tuesday on a fresh bailout package for the cash-strapped European nation, with only some minor issues yet to be sorted out, Reuters reported.

After marathon talks that began Monday afternoon, Greek officials emerged in a central Athens hotel to announce that a deal has been clinched, the report said. 

“Finally, we have white smoke,” a Greek finance ministry official was quoted as saying. “An agreement has been reached. Some minor details are being discussed right now.”

The pact is expected to be worth up to 86 billion euros (US$94.75 billion) in fresh loans for Greece, though there was no immediate confirmation of its size.

Greek officials have said they expect the accord to be ratified by parliament on Wednesday or Thursday and then be vetted by eurozone finance ministers on Friday.

This would pave the way to aid disbursements by August 20, when Greece is due to make a 3.2 billion euro debt payment to the European Central Bank.

Ther deal would end a painful chapter of aid talks for Greece, which resisted austerity terms demanded by creditors for much of the year before giving in under the threat of eviction from the eurozone.

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