Greece reaches deal with creditors on fresh bailout

Greece and its international lenders have reached a preliminary deal on disbursement of a new bailout loan to the indebted country, Greek Finance Minister Euclid Tsakalotos announced Tuesday.

"The negotiation is completed, there's white smoke," he told Greek national news agency AMNA, referring to the signal Vatican would use after the election of a new pope.

The agreement includes a new round of austerity measures and tax reforms by the Greek government, which include further reductions on pensions and indirect tax hikes.

In return, the European Union will provide a fresh bailout loan to the country which has a huge debt to pay in July.

Greece's creditors, including the European Commission and the International Monetary Fund, also confirmed the conclusion of a preliminary agreement.

All sides made compromises, therefore "we are pleased with some things, and we are less pleased with others," Tsakalotos said Tuesday.

The Greek Parliament will vote on the agreement, most likely on May 13, the Greek Finance Ministry said.

Eurozone finance ministers also need to approve the agreement at their next meeting likely on May 22. Endi