NEWS

Preparations for bailout agreement under way

TAGS: Economy, Politics

Although bailout talks between Greece and its lenders continued Thursday night, with a number of issues still to be settled, officials have begun drafting the final agreement the various sides hope to arrive at.

Sources from the lenders’ side, as well as in the Greek camp, said that the process has begun so that if there is an agreement only the final details will have to be added. This reflects the sense of urgency to complete the negotiations and get approval for the final agreement.

The aim is to resolve the outstanding issues, including 3 percent of gross domestic product and the sale of nonperforming loans – both of which were discussed in Athens Wednesday – before the International Monetary Fund’s spring meetings next week.

If the agreement is in place, it will be submitted to eurozone finance ministers who are due to meet on April 22. Greece will then be expected to pass the agreed measures through Parliament. Once this is done, the process of obtaining parliamentary approval for the program disbursements can begin, as can the discussion about debt relief between Greece’s lenders.

One issue on which Athens and the creditors appeared to have agreed Wednesday is that the national pension will be set at 384 euros after 20 years of work.

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