Off the wire
• Roundup: HK stocks close 0.09 pct lower  • Spotlight: Asian politicians, scholars urge Japan to adopt correct historical perspective  • Iraqi parliament approves sweeping reform plan  • Turkish war planes hit PKK positions in SE Turkey  • Senior economist backs national property tax  • Cultural understanding barrier to Australia's Asian expansion: study  • Philippines holds 1st "volcanic ash exercise" to ensure aviation safety  • Malaysia' s Lee Chong Wei advances to next round in badminton worlds  • Foreign exchange rates in Hong Kong  • China's auto output, sales weak in first seven months  
You are here: 　 Home

1st LD Writethru: Greece strikes final debt deal with creditors: gov't

Xinhua, August 11, 2015 Adjust font size:

Greece has clinched a final debt deal with international creditors at the end of marathon talks here early Tuesday, the government said.

After 22 hours, the negotiations between Athens and the four institutions involved (the International Monetary Fund, the European Commission, the European Central Bank and the European Stability Mechanism) were concluded.

Only "minor details" on prior actions to immediately unlock part of the 85-billion-euro third bailout remain to be finalized.

Mutual compromises were made concerning the final sticking points over the management of non-performing loans, new privatization fund and the liberalization of the energy market.

The targets agreed upon are for a primary deficit of 0.25 percent of Gross Domestic Product (GDP) in 2015 and primary surpluses of 0.5 percent of GDP for 2016, 1.75 percent for 2017 and 3.5 percent for 2018.

Reforms were agreed upon in exchange for further international aid to avert a default and Grexit, including a reform of the public administration and social welfare system, a gradual reduction of early retirees, a reduction of tax breaks for farmers and changes in the taxation of shipping companies.

The Greek government intends to put the draft bill containing the new bailout and the prior actions to a vote this Thursday.

Athens aims to receive the first tranche of aid in time to repay a 3-billion-euro loan installment to the European Central Bank on Aug. 20. Endi