Eureka! Greece says it has a deal.
Greece and its creditors have completed negotiations on the terms of a third bailout package, a Greek Finance Ministry spokesperson told CNN on Tuesday.
The 86 billion ($95 billion) euro deal is expected to be finalized before a crucial deadline next week.
“A couple of details remain, but they won’t affect the body of (the) agreement,” the press officer added.
Greece will have to pass more economic reforms in order to receive the money. It has already agreed to overhaul its pension system, increase taxes, and transfer up to 50 billion euros ($55 billion) worth of assets to an independent fund.
Greece must make a 3.2 billion euro payment to the European Central Bank on August 20, if it wants to stay in the euro. Europe has already provided Greece with 7.16 billion euros in a bridge loan.
The European Commission expects Greece’s economy to shrink by 4% this year. Latest government reports show unemployment was 25.6% in June.
