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Greece makes preliminary agreement with creditors | Greece makes preliminary agreement with creditors |
(35 minutes later) | |
Greece has reached a preliminary agreement with its international creditors on reforms needed to release the next instalment of its multi-billion-dollar bailout. | Greece has reached a preliminary agreement with its international creditors on reforms needed to release the next instalment of its multi-billion-dollar bailout. |
Greece has promised to further cut pensions, by 0.9% on average, and lower the tax threshold to produce savings worth 2% of gross domestic product. | |
The measures will have to be approved by the Greek parliament. | The measures will have to be approved by the Greek parliament. |
Creditors have agreed to hold talks on how to make Greece's debts sustainable. | Creditors have agreed to hold talks on how to make Greece's debts sustainable. |
Greece has been pushing for measures on debt relief. | Greece has been pushing for measures on debt relief. |
The German finance ministry called the deal an important intermediate step. | The German finance ministry called the deal an important intermediate step. |
Greece has to repay $7.5bn (£5.8bn; 6.9bn euros) to its eurozone lenders and the International Monetary Fund in July. | |
The next step is a meeting on 22 May of eurozone finance ministers, who are required to sign off on the deal. | The next step is a meeting on 22 May of eurozone finance ministers, who are required to sign off on the deal. |
Earlier this month, the Greek government agreed to take on another $3.8bn in cuts in 2019 and 2020. | Earlier this month, the Greek government agreed to take on another $3.8bn in cuts in 2019 and 2020. |