Greece Has Agreed To a Bailout Deal “Principle”

The European Commission said that Greece has agreed to a bailout deal with its creditors “on principle”.

Apparently the two sides have reached a technical agreement, but it now requires political approval.

Greek Prime Minister Alexis Tsipras has asked parliament to convene so that MPs can debate the details on Wednesday before a vote on Thursday.
A deal on a new €85bn (£60bn) three-year agreement is needed to keep Greece in the eurozone and avert bankruptcy.
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.
The country needs a deal by 20 August, when it has a debt repayment of about €3bn to make to the European Central Bank.
A European Commission spokeswoman said a technical deal had been reached last night between parties including Greece, the International Monetary Fund, the European Central Bank, and the European Stability Mechanism.
She said a series of phone calls between political leaders would now take place.
A Greek official said earlier that Greece agreed the function of a new independent privatisation fund, and how non-performing bank loans will be administered.
"Finally, we have white smoke," the official said.
Deregulation of the natural gas market, another sticking point, was alsoagreed.