Greek debt crisis: Greece reaches deal with creditors to secure €86 billion bailout

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Greece and its international creditors have finally reached a deal on an €86 billion bailout for the debt-laden nation, ending eight months of uncertainty about the future of the eurozone.

The agreement came after 23-hours of talks with the European Commission, European Central Bank and International Monetary Fund.

The terms must still be approved by both the Greek parliament and euro zone finance ministers.

The Greek parliament will vote on the subject on Wednesday, when Prime Minister Alexis Tsipras is expected to face yet another rebellion from his own MPs in the anti-austerity Syriza party.

In previous votes on the reform-for-aid package Tsipras has relied on opposition support to see measures demanded by creditors safely through.



Euro zone finance chiefs will consider the rescue package on Friday.

Germany’s deputy finance minister Jens Spahn has already warned that the bailout “must hold for three years, and not for three days”.

If the deal is ratified the first funds could be released by August 20, when a €3.2 billion debt payment is due to the European Central Bank.    

Greek shares rose on the news, with the Greek banking index jumping 6%. Two-year bond yields fell more than 4 percentage points.

Additional reporting by Reuters

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August 12, 2015 |
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