Greece says creditors have agreed to bailout deal

Greek Prime Minister Alexis Tsipras has reached agreement for a new bailout

(Image credit: Angelos Tzortzinis/AFP/Getty Images)

last updated 11 August 2015

On Tuesday, after 23 hours of talks, Greek officials emerged from a meeting with their international creditors and announced that they have mostly reached an agreement that will pave the way for a third bailout, worth up to €82 billion ($95 billion). "Finally, we have white smoke," a Greek finance ministry official told Reuters, making a reference to papal elections. "An agreement has been reached. Some minor details are being discussed right now."

Greece predicts that the final sticking points will be worked out in time for the Greek parliament to ratify the agreement on Wednesday or Thursday, giving eurozone finance ministers the chance to look it over on Friday. Athens is facing an Aug. 20 deadline for repaying €3.2 billion to the European Central Bank.

Germany, Greece's most consequential and skeptical creditor nation, isn't so bullish on the deal. Earlier Tuesday morning, German Deputy Finance Minister Jens Spahn said on TV that negotiations were still ongoing and would be concluded and vetted "calmly." The "negotiations have to be done thoroughly," he added, and the final deal "must hold for three years and not for three days."

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.