After a lengthy round of talks, Greece and its international creditors on Tuesday agreed on the terms of a multi-billion-euro bailout to save the debt-laden country from bankruptcy. The aid package will be worth up to 85 billion euros ($94.14 billion) in fresh loans over the next three years, an official from the Greek Finance Ministry told Reuters. But before the first tranche of money can be disbursed, there are several hurdles that need to be overcome. Tuesday afternoon, European Commission president Jean-Claude Juncker is expected to speak with German chancellor Angela Merkel and French president Fran�ois Hollande, while EU deputy finance ministers will discuss the deal on a conference call. On Thursday, the Greek parliament is expected to vote on the aid agreement, which is unpopular among many members of the anti-austerity Syriza party. The Eurogroup of eurozone finance ministers will meet Friday to approve the pact. And finally, several national parliaments also have to sign off on the aid package. Athens has to repay 3.2 billion euros in bond payments to the European Central Bank on Aug. 20 and is hoping to get the bailout money by then.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below