Draft accord reached on bailout extension text, officials say [Update]

Eurozone finance ministers have drafted a common text with Greece that Greek and eurozone officials said on Friday could form the basis for an agreement to extend Athens’ bailout package.

Officials stressed that there was as yet no formal agreement in the full meeting of the Eurogroup of 19 finance ministers.

“There is an initial agreement on a joint draft text among the institutional partners, which is now being presented to all of the ministers,” a Greek government official said following preparatory talks involving the Greek and German ministers, as well as the managing director of the IMF.

“Details may be defined later. But let’s see.”

A eurozone official said the meeting chairman, Dutch Finance Minister Jeroen Dijsselbloem, was now presenting a two-page draft statement to the 19 ministers of the Eurogroup.

The European Central Bank and International Monetary Fund are also involved in negotiations as they are also creditors.