Greece-Troika Agreement Reached, Technical Details To Be Finalized

– The credit marathon talks between Greece and Troika creditors have reached an agreement, however the “technical details” should be completed prior to bringing the agreement text on the parliament.

The last session of talks has taken 22 hours, between Greek Minister of Finance Efklidis Tsakalotos and Minister of Economy Giorgos Stathakis along with European Union, European Central Bank and International Monetary Fund (IMF) delegates within the Troika team.

Troika delegates and two Greek ministers headed to a breakfast event following the talks, while a Greek official told reporters, “An agreement has been reached in the wake of mutual conciliations. Now technicians will be working on some details.” The officials also stressed that a need of additional measures to fulfil the financial aims was not regarded, with respect to the 2015-2016 term.

According to the statement, the agreement text will be submitted to the Greek parliament on Wednesday Aug. 12 and to the general assembly on Thursday Aug. 13.

The bill agreed between Troika and Greece that will become law consists of prior actions, along with two articles involving conditions of credit.

Syriza Government officials wanted the parliament members to be present in Athens even if the parliament has been prorogued until Aug. 16.

According to the Greek official, Tsipras has made phone calls through the night to overcome difficulties raised by Germany and removed the calls for bridge loan from the bailout talks; the agreement has been reached in the end.

Although an agreement was reached, the potential reaction of Germany amid Eurogroup meeting to be held on Aug. 14, remains an issue of concern.