Greece inks deal for a 12 billion euro bail-out with creditors

“We have reached agreement on everything, including the 48 additional measures” that should allow the 12 billion euros (USD 12.8 billion) to be paid out on Friday, Tsakalotos told reporters.

Greece in July accepted a three-year, 86-billion-euro (USD 93-billion) EU bailout that saved it from crashing out of the eurozone, but it came with strict conditions.

Athens has since adopted a number of the unpopular reforms but came under creditor pressure to adopt further measures, such as streamlining home loan foreclosures. The agreement covers home foreclosures, which the government was reluctant to accept in order to ensure a safety net for more vulnerable households.

The government is required to submit the agreed measures to the Parliament for a vote on Thursday, the minister said. Eurozone officials are also expected to approve the agreement ahead of a Friday decision to unlock the funds.

The funds include 10 billion euros to recapitalise beleaguered Greek banks. After storming to power at the beginning of the year on a programme to free Greece from the restrictions of bailout programmes, Prime Minister Alexis Tsipras reversed course and accepted a new financial lifeline.

He won fresh elections the deal triggered, calling the bailout agreement a “painful compromise” and a “tactical retreat” that enabled the country to avoid bankruptcy and stay in the euro.