A draft deal on Greece’s bailout program can be finalized by Tuesday and a first disbursement by August 20 is possible, according to a Reuters report.
Negotiations between Greece and creditors continue at a fast pace in Athens with only a few issues remaining to be ironed out. The European Commission, European Central Bank, European Stability Mechanism and International Monetary Fund representatives are in continuous talks with Greek ministers in order to finalize the draft deal.
A senior EU official said that talks run smoothly with cooperation from the Greek side being “outstanding” as creditors’ representatives are given full access to ministers, ministries, files and figures.
According to sources familiar with a conference call of senior European Union officials on Friday, Reuters says, the draft deal can be completed by Tuesday. However, Germany warns that it is too early to make such positive assessments.
If indeed the draft deal is ready on Tuesday, then it should be voted by the Greek Parliament by Thursday. After that, a Eurozone finance ministers meeting on Friday will endorse Greece’s third bailout program worth 86 billion euros in three years.
Athens is rushing to have the agreement signed and the first disbursement made before August 20 in order to make a 3.4-billion-euro bond payment due to the ECB on that date.
According to the Reuters report, EU officials believe that talks are proceeding smoothly and may be completed over the weekend. On the one-hour call of the Economic and Financial Committee of deputy finance ministers, no major differences emerged among creditor nations.
On Friday, EC spokeswoman Mina Andreeva said negotiations had begun on drafting a memorandum of understanding on a loan agreement.
Germany, however, is skeptical of a hasty deal. Finance Minister Wolfgang Schaeuble favors another bridge loan that would give creditors time to negotiate a long-term reform program for Greece.
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