Eurogroup agrees in principle to start new bailout talks with Greece

[BRUSSELS] Eurozone finance ministers agreed "in principle" on Thursday to start negotiations with Greece on a new, 3-year bailout after the Greek parliament voted through a set of requested reforms, the ministers said in a statement.

The Eurogroup decision will only take full effect after several eurozone parliaments, including Germany's Bundestag, have also granted approval for talks in the next day or so.

"On the basis of a positive assessment by the institutions, which concluded that the authorities have implemented the first set of four measures in a timely and overall satisfactory manner ..., we reached today a decision to grant in principle a 3-year ESM stability support to Greece, subject to the completion of relevant national procedures," the statement said.

The ministers also called on Athens to adopt a second set of reforms by Wednesday, July 22, and update the legislation related to the first set of measures it has adopted.

REUTERS