ATHENS, Greece, Aug. 11 (UPI) — Greece has nearly completely agreed to a bailout deal with its creditors to secure more than $90 billion in financing as the country faces another debt payment.
Greek politicians anticipate a bailout package to be approved in the country’s parliament by Thursday, which will allow eurozone economic bloc finance ministers to inspect the deal on Friday.
More than $90 billion in financing will be given to Greece over three years through its international creditors, the European Central Bank, the International Monetary Fund and the European Commission.
Greece has a $3.5 billion payment due to the ECB on Aug. 20, which the country would not be able to pay without finalizing a deal.
After heated, highly-publicized negotiations, in which Greece defaulted on an IMF payment and a referendum rejecting terms set by creditors was held, a tentative deal was reached July 13. Eurozone ministers then agreed to a whopping $7 billion bridging loan as to finance the Greece while the remaining funds were being negotiated for a final deal.
Greece has already received more than $220 billion in two bailouts since the rescue program began about five years ago. The country has a public debt of about $356 billion.
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