Greece agrees third bailout deal with creditors

Greece and its creditors have reached an agreement on a third bailout for the country on Tuesday morning after a marathon session of talks.

Read more: Greek bailout agreement nears after marathon talks

“An agreement has been reached. Some minor details are being discussed right now," a Greek finance ministry official told Reuters.

The Hellenic nation reached an outline agreement on a €86bn deal, after agreeing a budget with a primary deficit of 0.25% of Gross Domestic Product (GDP) in 2015, improving to a 0.5 % surplus in 2016, a 1.75% in 2017 and a 3.15 % surplus in 2018.

A Greek official on Monday morning had already showed hopes of striking a deal by Tuesday.

Read more: Greece hopes to reach agreement with creditors by Tuesday

The agreement is now pending approval by the Greek parliament in the next few days as well as by the euro area finance ministers in connection with an extraordinary euro group meeting on Friday.

European equity markets ended higher on Monday as signs that Greece was making good progress on its bailout deal

London Capital Group's Jontahan Sudaria echoed early on Tuesday that reports suggested that Greece could see its economy shrink 3% this year.

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