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Greece Launches Technical Negotiations With Creditors on Tuesday

© AP Photo / Petros Giannakouris Greece
Greece - Sputnik International
Technical negotiations between Greece and its international creditors will begin on Tuesday.

ATHENS (Sputnik) — Technical negotiations between Greece and its international creditors will begin on Tuesday following Monday's opening of complex bailout talks, according to Greek Finance Minister Euclid Tsakalotos.

Earlier in the week, Greek authorities and the country's main creditors began talks after logistical delay on the conditions for Athens to receive loans under the European Stability Mechanism (ESM).

The negotiations are expected to intensify on Tuesday, with several parallel working groups addressing budget, pension and labor issues, according to the ministry's representative.

A street vendor pushes his trolley as he passes a banner, depicting a wrecking ball that reads: NO and destroying a wall with anti-austerity measures, in Athens, Wednesday, July 22, 2015. - Sputnik International
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On Monday, the Greek finance minister confirmed following the government council's meeting on economic policy that the intense talks on technical issues will begin on Tuesday.

"We will fully comply with the Eurogroup's agreement and the summit's agreement. We are moving forward in an organized way and I hope that everything goes well until the end," Tsakalotos told journalists.

However, the ministry's representative denied the reports that the lenders demanded for Athens to conduct additional reforms in exchange for new credits.

The preliminary deal, agreed on by Eurozone leaders on July 13, spans three years and provides $95 billion in exchange for reforms and austerity measures.

The sides are eager to finalize talks by August 12 and clinch a deal before August 20, when Athens is due to repay a $3.5-billion loan to the ECB.

Greece owes about $270 billion of its $350-billion debt total to its main creditors — the European Central Bank, the International Monetary Fund and some Eurozone nations.

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