Athens and its international lenders agree on third bailout deal on Tuesday, announced Greek Finance Minister Euclid Tsakalotos. The release of emergency funding is vital for Greece as it is set to meet another crucial debt obligation to the European Central Bank (ECB).
"An agreement has been reached. Some minor details are being discussed right now," a Finance Ministry reported after long waited marathon overnight talks ended.
Greece is in need of close to €86 billion ($94.75 billion) in order to avert a financial collapse and secure its position in the eurozone.
According officials, the deal will be presented to the parliament for final confirmation by latest Thursday and then voted by euro zone finance ministers on Friday.
By Aug. 20 Greece is due to make a payment of about 3.2 billion euros to the ECB.