Greece hopes to conclude bailout talks by Aug 11

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Athens | Published: August 9, 2015 11:33:28 PM

Greece hopes to conclude negotiations with international creditors by early Tuesday at the latest, a Greek official said as talks continued in Athens on a new multi-billion euro bailout.

Greece debt crisisGreece?s finance and economy ministers were locked in negotiations with representatives of creditors on Sunday. (Reuters)

Greece hopes to conclude negotiations with international creditors by early Tuesday at the latest, a Greek official said as talks continued in Athens on a new multi-billion euro bailout.

Greece’s finance and economy ministers were locked in negotiations with representatives of creditors on Sunday.

Greek officials have previously said they expect the bailout accord to go to the country’s parliament for approval by Aug. 18.

“Efforts are being made to conclude the negotiations, the horizon is by Monday night or early Tuesday,” said a Greek official who declined to be named.

“When the new bailout comes to parliament for a vote it will be one bill with two articles – one article will be the loan agreement and the MoU (memorandum of understanding) and the second article will be the prior actions,” the official said, referring to measures Greece needs to take for the bailout accord to take effect.

The negotiations began on July 20. A senior Greek finance official told Reuters the aim was for a meeting of euro zone finance ministers to review the accord on Friday, Aug. 14.

Athens is negotiating with European Union institutions and the International Monetary Fund for up to 86 billion euros ($94 billion) in fresh loans to stave off economic collapse and stay in the euro zone. The bailout must be in place by Aug. 20, when Greece has a repayment falling due to the European Central Bank.

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