11 Aug 2015

Greek bailout deal finally clinched

8:46 pm on 11 August 2015

Greece and its international lenders have clinched a multi-billion-euro bailout agreement after marathon talks through the night, officials say.

Pro-eurozone protesters gather in front of the parliament building in Athens on 30 June.

Pro-eurozone protesters gather in front of the parliament building in Athens on 30 June. Photo: AFP

The deal has raised hopes that aid can be distributed in time for a major debt repayment deadline due in days.

After a 23-hour session, Greek officials emerged in a central Athens hotel to announce the two sides had agreed details of the deal - though a couple of minor issues remained to be ironed out.

The deal is expected to be worth up to €86 billion in fresh loans for the debt-ridden country. There was no immediate confirmation of the deal's size.

Greek officials have said they expect the accord to be ratified by parliament on Wednesday or Thursday, and then be vetted by eurozone finance ministers on Friday.

This would pave the way to aid disbursements by 20 August, when a €3.2 billion debt payment is due to the European Central Bank.

- Reuters / BBC

German Chancellor Angela Merkel, French President Francois Hollande (centre) and Greek Prime Minister Alexis Tsipras confer prior to the start of the summit in Brussels.

German Chancellor Angela Merkel, French President Francois Hollande (centre) and Greek Prime Minister Alexis Tsipras in July 2015. Photo: AFP

Euphoria among the 'no' vote camp: Syntagma Square, Athens.

Euphoria as Greece voted 'no' in a referendum on whether it should accept a previous set of creditors' proposals. Photo: AFP

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