Greece aims to seal bailout deal before August 20

Investors eye Greek negotiation process with foreign creditors as it moves towards agreement on unlocking multi-billion euros in emergency funds

Photo by: Reuters
Photo by: Reuters

Negotiation talks between Greece, the European Union and the International Monetary Fund which began on July 20, took a positive turn on Sunday evening, with Greek officials believing the €86 billion bailout deal should be agreed on by early Tuesday. 

"Efforts are being made to conclude the negotiations, the horizon is by Monday night or early Tuesday," a Greek official, who didn't wish to be named, told Reuters. 

Greece is in desperate need of fresh funds to head off a looming collapse of its economy and possible exit from the eurozone.

If the debt strapped country fails to receive funds by Aug. 20, when a payment is due to the European Central Bank (ECB), it may risk losing the crucial support Greek banks receive from the ECB.  

Meanwhile, Ralph Brinkhaus, deputy parliamentary floor leader for German Chancellor Angela Merkel, implied that the deal is far from being on course as there are still a lot of unanswered questions, while speaking to Deutschlandfunk radio on Monday.

The positive news led the Athex Composite Index to open the week with its main index up 2.1 percent. 

TRTWorld and agencies