Greece hopes to conclude bailout negotiations within days

Greece hopes to conclude negotiations with its international creditors over a third bailout by early on Tuesday at the latest, according to a Greek official.

“Efforts are being made to conclude the negotiations. The horizon is by Monday night or early Tuesday,” a Greek official, who declined to be named, told Reuters.

“When the new bailout comes to parliament for a vote it will be one bill with two articles – one article will be the loan agreement and the MoU [memorandum of understanding] and the second article will be the prior actions,” the official said, referring to measures Greece needs to take for the bailout accord to take effect.

Negotiations began on 20 July, and Greek officials have earlier said that they expect the bailout deal to go to the country’s parliament for approval by 18 August.

Athens is negotiating with EU institutions and the International Monetary Fund for up to €86 billion in fresh loans so as to stave off economic collapse and remain in the Eurozone.

The bailout must be in place by 20 August when Greece has a massive loan repayment falling due to the European Central Bank.

Greek prime minister Alexis Tsipras also faces pressure from many in his radical left Syriza party who believe that the new deal will pile further austerity on Greece’s weakened economy and goes against the party’s pre-electoral promises.

Tsipras has warned the dissidents of early elections in the autumn if they continue to resist the measures.

Former energy minister Panagiotis Lafazanis, who voted against the new bailout agreement, has dismissed the warning as “a negotiating fiasco” and said that the Prime Minister could not “avoid the outcry by resorting guiltily and hurriedly to elections”.

“Neither a Syriza-led government nor the country have a future if we accept a third memorandum,” he said in an interview with Avgi on Sunday.