Greece inks deal with creditors to unlock 12-bn euros

Greece has struck a deal with its international creditors to unblock some 12 billion euros in much-needed loans, Finance Minister Euclid Tsakalotos said on Tuesday after marathon talks.

“We have reached agreement on everything, including the 48 additional measures” that should allow the 12 billion euros ($12.8 billion) to be paid out on Friday, Tsakalotos told reporters.

Greece in July accepted a three-year, 86-billion-euro ($93-billion) EU bailout that saved it from crashing out of the eurozone, but it came with strict conditions.

Athens has since adopted a number of the unpopular reforms but came under creditor pressure to adopt further measures, such as streamlining home loan foreclosures.

The agreement covers home foreclosures, which the government was reluctant to accept in order to ensure a safety net for more vulnerable households.

The government should submit the agreed measures to the parliament later Tuesday for a vote on Thursday, the minister said.

Eurozone officials are also expected to approve the agreement later Tuesday, ahead of a Friday decision to unlock the funds.

The funds include 10 billion euros to recapitalise beleaguered Greek banks.

After storming to power at the beginning of the year on a programme to free Greece from the restrictions of bailout programmes, Prime Minister Alexis Tsipras reversed course and accepted a new financial lifeline.

He won fresh elections the deal triggered, calling the bailout agreement a “painful compromise” and a “tactical retreat” that enabled the country to avoid bankruptcy and stay in the euro.


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