Greek Prime Minister Alexis Tsipras confirmed that the nation is in the final stages of securing a deal with its global lenders, regarding its third multi-billion euro bailout.
Tsipras stated that this act would eliminate any questioning, concerning if Greece would remain in the eurozone. The Prime Minister described, "We are in the final stretch...Despite the difficulties we are facing we hope this agreement can end uncertainty on the future of Greece."
An agreement is required by August 20th, which marks the due date of a 3.5 billion euro payment to the ECB by Greece. Both Greece and its creditors believe that a deal can be reached. Negotiations between the IMF, the European Commission, the ECB, and the European Stability Mechanism with Greece, began at the end of July.
Tsipras added, "It should at some point be under the control and monitoring of the European Parliament, a democratic institution which has accountability." Within the next two weeks, Greece is required to finalize loan protocols and a bridge loan.
Greek leaders are hoping for an immediate complete bailout, not a bridge loan. Syriza Parliamentary spokesman Nikos Filis commented, "We will not accept new prior actions (reform conditions in place) in order to have a small bridge loan...We want one final deal to be signed and then we will see what is needed to have a disbursement of 25 billion euros as the first installment."
- ECB meets on Cyprus to mull interest rates and inflation
- Scope Ratings: ECB and strong growth boost Greece's rating outlook
- Eurozone inflation at 8.9% in July – 11.5% in Greece
- Inflation in Greece leaps to 11.6% in June - 8.6% in Eurozone
- Fin. Min. to Commission Executive VP: European solutions are needed to tackle the energy crisis