At the Hilton hotel in Athens negotiators have been, in the words of one Greek finance ministry official, “combing through the final text, sentence by sentence, word by word” of the 86 billion euro bailout accord to keep the country financially afloat.
One European Commission spokeswoman said they are working to resolve remaining issues.
One of the hurdles is understood to be the size of the bailout. Some member states in the bloc want it reduced in the face of a growing taxpayer backlash.
Once an agreement is signed it’s believed Greece’s economy could start to recover.
“It will open the door for the European Central bank to include Greek government bonds into the QE program and I think once that is done, Greece can seriously start moving towards normality and that would be a great breakthrough,” said Vicky Price Chief Economic Advisor, CEBR
Athens faces a August 20 deadline for a 3.2 billion euro debt repayment to the ECB. Greece hopes to conclude the agreement on Tuesday and the Eurogroup to review it on Friday.
Talks began with the International Monetary Fund, the European Commission, the European Stability Mechanism and the ECB on July 20.