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Greeks in crisis

A technical agreement reached for Greek bailout

Marketplace Staff Aug 11, 2015

From our partners at the BBC:

Greece has agreed a bailout deal “in principle” with its creditors, the European Commission has said.

The Commission said a technical agreement had been reached with Greece, which now requires political approval.

Earlier, Greece’s Finance Minister Euclid Tsakalotos had said “two or three small issues,” were yet to be resolved with lenders, following overnight talks in Athens.

A deal is needed to keep the country in the eurozone and avert bankruptcy.

The Greek government is hoping to push a new €86bn (£60bn) three-year agreement through parliament later this week.

The country needs a deal by 20 August, when it has a debt repayment of about €3bn to make to the European Central Bank.

Greek bailout deal – some key points*

 — Phasing out early retirement and gradual increase of pension age to 67 by 2022

 — Agreement to recapitalise banks and manage non-performing loans

 — Deal on primary surplus targets: 0.25 percent deficit for 2015, 0.5 percent surplus in 2016, 1.75 percent in 2017 and 3.5 percent in 2018

 — Review of Greek social welfare system with aim of cutting expenditure

 — Deregulation of gas market by 2018; privatisation plans for ports at Piraeus and Thessaloniki

 — Opening up of professions and tightening definition of who is a farmer

 — Increase in tax on shipping

*According to Greek reports – EU officials not confirming

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