Greece closes in on bailout deal possibly within the day

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Source: AP

ATHENS, Greece (AP) — Greece has more or less concluded its bailout discussions with international creditors, officials said Tuesday, raising hopes that the country could be ready to finalize a deal within the day.

"I think we are very close," Greek Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-night talks with negotiators representing Greece's creditors at a central Athens hotel.

"Two or three very small details remain," he added, without elaborating.

Similarly upbeat remarks came from government aide Theodoros Mihopoulos, who said on Twitter that the negotiation had been completed and that "some details remain."

Read more: http://www.businessinsider.com/ap-greece-closes-in-on-bailout-deal-possibly-within-the-day-2015-8

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1. Greece, lenders clinch bailout deal after marathon talks

Greece and its international lenders reached a multi-billion euro bailout agreement on Tuesday after talking through the night, officials said, potentially saving the country from financial ruin.

The agreement, reached after a 23-hour session of talks, must still be adopted by Greece's parliament and euro zone countries. The single currency bloc's finance ministers are due to meet on Friday, giving time to finalize the deal before a major debt repayment next week.

The negotiations appeared to have resolved all the main outstanding issues, after Greece's leftist government effectively capitulated last month to creditors' demands for deep austerity measures in order to receive loans.

"Finally, we have white smoke," a Greek Finance Ministry official said after exhausted Greek officials emerged in a central Athens hotel to announce the two sides had agreed on terms. "An agreement has been reached."

Finance Minister Euclid Tsakalotos confirmed only "two or three small issues" were pending. Greek shares rose, with the banking index surging 6 percent, while two-year bond yields fell more than 4 percentage points.

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Reuters