Greece reaches a third bailout deal with its international lenders


Athens: Greece and its international lenders on Tuesday reached an agreement on a third bailout deal, a media report said.

Photo Credit:
Photo Credit:

The deal was concluded shortly after 8 a.m., following a marathon session of talks that began on Monday morning, state-run Kathimerini daily reported.

Finance Minister Euclid Tsakalotos confirmed that a deal is in place.

“We are very close,” he said, adding “There are a couple of very small details remaining on prior actions.”

According to sources, the agreement involves the government having to immediately implement 35 measures.

The measures demand changes in tonnage tax for shipping firms, reducing the prices of generic drugs, a review of the social welfare system, strengthening of the Financial Crimes Squad (SDOE), phasing out of early retirement, scrapping tax breaks for islands by the end of 2016, implementation of the product market reforms proposed by the Organization for Economic Cooperation and Development (OECD), de-regulating the energy market and proceeding with the privatization program which is already in place.

If the agreement is finalized, the Greek parliament would vote on it on Thursday.

This would be followed on Friday by the Euro-group and other euro-zone parliaments approving the deal.