Text of agreement with creditors submitted to Greek parliament

Greece has more or less concluded its bailout discussions with global creditors, officials have said, raising hopes the country could be ready to finalise a deal within the day.

Greece needs to start tapping the new bailout – worth $93 billion – so that it can make a key debt repayment next week and secure its future in the euro.

Germany remained cautious on the timing for a final deal, having been the largest contributor to Greece’s two previous bailouts and.

Although there are doubts on Athens’ agreement to the conditions of the bailout package, it is widely believed that the creditors of Greece might have cut corners in agreeing upon a deal this quick.

Prime Minister Alexis Tsipras has requested that the Greek parliament hold its vote on Thursday, government sources said.

People are “too pessimistic” on the likelihood of a deal for Greece succeeding, Erik Nielsen, global chief economist at UniCredit Bank AG, said in a Bloomberg Television interview.

An agreement would close a painful chapter of aid talks for Greece, which fought against austerity terms demanded by creditors for much of the year before relenting under the threat of being bounced out of the euro zone. The European Commission expects the economy to shrink by 4% this year, and the International Monetary Fund has warned it is becoming unsustainable.

In Athens, Tsipras asked for the Parliament to be recalled from its summer recess for a vote on Thursday, but Parliament speaker Zoe Konstantopoulou said the planning would not be decided before Wednesday evening.

Finnish Finance Minister Alexander Stubb said more work needed to be done on the details of the agreement before it could be finalized.

Greece needs a deal by August 20th. Once the deal is ratified, Tsipras is expected to tighten his grip over the party by facing down rebels at a party congress next month before considering early elections.

In 2016 the primary surplus, the balance not including debt service, will be 0.5 percent, followed by 1.75 percent in 2017 and 3.5 percent in 2018, the source added.

The breakthrough came after two weeks of intense negotiations on what Athens will have to do in return for the three-year bailout, which is expected to total between EUR82 billion and Euro 86 billion.

The legislation covers tax and pension reform, public administration reform, the relaunch of a privatization scheme which stalled earlier in the year and the establishment of a wealth fund for privatization projects which will be supervised by European institutions.