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Greece reaches preliminary agreement with creditors

AFP  |  Athens 

Greece said it had reached a preliminary agreement with international creditors that it was meeting its commitments to unblock the latest tranche of a third bailout programme.

"We achieved the agreement with the institutions on a staff level on all issues,", Greek Minister, Euclid Tsakalotos told journalists yesterday.

"We are satisfied," he said.

Greece was expected to fulfil 95 commitments by December, including reforms to the civil service and social benefits as well as measures to free the energy market and speed up privatisation.

"The European institutions have reached a staff level agreement with the Greek authorities... This will be presented to the Eurogroup next Monday 4 December 2017. The Greek authorities plan to implement the prior actions necessary to conclude the third review as soon as possible', the team of creditors in Athens said separately in a statement.

The final agreement is expected to be ratified at the meeting of Eurozone ministers on January 22 provided the Greek parliament legislates the reforms.

"I welcome the staff level agreement reached ahead of Eurogroup. Good for Greece and Europe. Now focus on implementation of the reforms," European Commission Vice- President, Valdis Dombrovskis tweeted.

Greece has received three multi-billion euro bailouts since 2010.

The third rescue programme, currently financially supported by EU states but not the International Monetary Fund, runs to August 2018 and Athens then hopes to fully return to market financing.

By the end of September, Greece had received over 221 billion euros from European institutions and a further 11.5 billion from the IMF, the ministry said.

In July, Greece made a symbolic return to debt markets after a three-year hiatus, selling three billion euros worth of five-year bonds at 4.625 per cent, lower than its previous outing in 2014.

Athens tested the market again earlier this month, offering to exchange some 30 billion euros in maturities originally issued in 2012.

According to the Greek ministry more fixed-rate bond sales will follow.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, December 03 2017. 02:15 IST