Greece and a new multi billion euro bailout deal

Greece and international creditors agreed on a new multi billion euro bailout deal today, a finance ministry official said, in an accord which will keep the country in the eurozone and avert bankruptcy.

“An agreement has been reached. Some minor details are being discussed right now,” a Finance Ministry official told reporters after marathon overnight talks between Greece and lenders in Athens.
Greece only has minor details to be ironed out with its creditors to reach a bailout deal, according to Greek finance minister Euclid Tsakalotos.
“Two or three small issues,” are pending with lenders, Mr Tsakalotos said.
An agreement would mark the end of a painful chapter on bailout talks for Greece, which fought against austerity terms demanded by creditors for much of the year before accepting a deal under the threat of being bounced out of the single currency.
A deal for up to €86bn in fresh loans to the debt-stricken nation must be in place by August 20, when the repayment to the ECB is due.
Greek banks could get an initial capital injection soon after a bailout deal is clinched, as much as €10bn, even before the ECB completes a stress test, a euro zone official familiar with the issue said.
Greek officials have said they expect the bailout deal to be approved by Greece’s parliament tomorrow or Thursday and then vetted by the Eurogroup – finance ministers of the Eurozone – on Friday, paving the way for aid disbursements.
The bailout pact will be voted on in parliament as one bill with two articles – one on the loan agreement and memorandum of understanding and the second on the so-called prior actions that must be completed for aid to be released, another Greek official said.
The Greek economy is expected to contract this year and next. The economy is expected to shrink by between 2.1pc and 2.3pc this year and and 0.5pc in 2016. Policymakers are expecting growth of 2.3pc in 2017.

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