Greek Gov’t Hopes to Finalize Talks With Int’l Creditors Before August 20

The Greek government will try to finalize the agreement with creditors before August 20, beginning talks immediately after the parliament ratifies the reform package.

ATHENS (Sputnik) – Shortly after voting on the reform package in the Greek parliament Wednesday, the country’s government will begin negotiations with its creditors to conclude a final agreement on debt settlement before August 20, Olga Gerovasili, the government spokeswoman, said Tuesday.

On July 13, Eurozone leaders reached an agreement on a new bailout package for Greece, with $95 billion to be given to the country over three years in exchange for economic reforms.

Two days later, the first austerity package was approved by the Greek government. On Wednesday, Greece’s parliament is due to vote on the second omnibus bill of reforms needed to secure the third bailout package for the state. The final Greece-EU agreement will be signed after the sides agree upon the technical details.

According to Gerovasili, the country must, among other requirements, carry out pension reforms, VAT increases and ensure the full independence of the Greek national statistics office, Elstat.

During Wednesday voting, the Greek parliament is expected to approve amendments into the Civil Procedural Code and make the EU’s bank recovery and resolution directive into law, Gerovasili said.

"Immediately after the adoption of the above-mentioned conditions, talks with the institutions of the creditors will begin, with the final date set for August 20," Gerovasili told reporters.

Meanwhile, on Monday Greece started the process of repayment of some 6.25 billion euros ($6.8 billion) to the European Central Bank (ECB) and the International Monetary Fund (IMF).

The payments were made after the European Commission offered a short-term bridge loan worth at least 7 billion euro ($7.6 billion) to assist Greece last week.