Greece expects final bailout deal by 18th

ATHENS: Greece expects to wrap up its bailout deal with international creditors by Aug. 18, with the drafting of the agreement to begin Wednesday, according to media reports. The ongoing talks are reaching the end of the first phase, with the second phase to include the details of the final deal.

Greece's finance and economic ministers were expected to meet with the international creditors later on Tuesday to talk about privatization plans and bank recapitalization, Reuters reported. Greece has to repay 3.2 billion euros to the European Central Bank on Aug. 20, but may need to be granted a bridge loan if the bailout negotiations are still ongoing.