Greece strikes deal with creditors

By Magda Panoutsopoulou

ATHENS (AA) - A deal was struck in the early hours of Tuesday morning between Greece and the country’s international creditors on bailout reforms.

After 12 hours of negotiations Greek Finance Minister Euclid Tsakalotos, speaking while exiting the Athens hotel where talks with creditors were taking place, said: "The negotiation is completed; there's white smoke.”

Tuesday's deal marks a breakthrough after months of disagreement between the two sides.

Topics covered included Greece’s pension system, privatizations, retail markets and the public sector.

Some of the agreed measures include further pension cuts in 2019 and a decrease in the tax-free threshold in 2020.

Regarding the tax-free threshold to be applied in 2020, it will range between 5,700-6,600 euros ($6,220-$7,200), according to reports in local media.

Athens now needs to pass the new measures before a Eurozone finance ministers’ meeting planned for May 22 to approve the next disbursement of bailout funds.

Greece needs to repay 7.5 billion euros ($8.2 billion) of debt by July.

The measures will be tabled in the Greek parliament next week and will be voted on by May 13

Tsakalotos told reporters both sides now had to compromise during coming negotiations and added: "We are pleased with some things, and we are less pleased with others."

He added that the government would start working at all levels for the implementation of the program as of Wednesday.

“I am sure that the one of the positive measures, is that [creditors] did not ask for additional measures in 2018,” he added.