Greece reaches preliminary deal with creditors: minister

[ATHENS] Greece has reached a preliminary deal with its creditors that should pave the way for long-awaited debt relief talks, the Greek finance minister said Tuesday.

"The negotiations are concluded," Euclid Tsakalotos told reporters, according to state agency ANA.

After overnight talks, Mr Tsakalotos said a "preliminary technical agreement" had been achieved ahead of a May 22 meeting of eurozone finance ministers, which is required to approve the deal.

Mr Tsakalotos added he was "certain" that the agreement would enable Greece to secure debt relief measures from its creditors, which he has said is vital to spearhead recovery in the country's struggling economy.

A compromise is required to unblock a tranche of loans Greece needs for debt repayments of seven billion euros (S$10.6 billion) in July.

AFP