Greece Anticipates Multi-Billion Lender Deal Within 2 Weeks

A 86 billion euro bailout package must be resolved by August 20th, so that the nation can settle its 3.5 billion euro debt to the European Central Bank. This marks the third Greek bailout beginning in 2010.

Greek governmental spokesperson Olga Gerovasili described of the negotiations, "The first phase of negotiations ends today and the second phase starts, which really contains the details of drafting (the deal)."

European Economic Affairs Commissioner Pierre Moscovici stated, "If the terms of the (EU) summit are met, I think that we will have a deal by the 18th of this month.

When queried about the agreement's alterations which is a issue of concern for farmers, Gerovasili confirmed, "One of the positives of this agreement is that it has a three-year horizon of steady financing. This gives us some room to gradually phase them in ...because today we are in a difficult financial situation and there must be some time for a small recovery."

(Source: Reuters)