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Greece and lenders agree on bailout terms

Greece has been in talks with officials from the ECB, the IMF and the European Stability Mechanism over further reforms

Published: Updated:

Greece and international creditors agreed on a new multi billion euro bailout deal on Tuesday, 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 has been in discussions with officials from the ECB, the IMF and the European Stability Mechanism for the past week over further reforms they are demanding in return for a third bailout for up to 86 bln euros.

With its lenders insisting on "very good co-operation" from Athens, both sides were "working flat out on a draft memorandum of understanding" and "intense talks with Greece will continue over the weekend," another EU source said.

Cash-strapped Greece already missed two key payments to the International Monetary Fund that were due on June 30 and July 13, but the repayments - amounting to around two billion euros - were later made possible with a short-term EU loan.