New Greek Bailout Deal Looms

August 10, 2015 5:08 PM

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Negotiations between Greece and its creditors dragged on overnight as the parties work to reach an agreement that would save the bankrupt country from another loan default. The deal would funnel up to $86 billion to Athens, allowing the Greek government to make a $3.4 billion payment to the European Central Bank by the Aug. 20 deadline.

Acting according to the motto "quality before speed," Germany is insistent on Greece's acceptance of conditions for reform before any money changes hands. Greece spent much of the last year fighting austerity measures, but ultimately capitulated under the threat of being cut from the Eurozone. The b...

Also read: Greece eyes initial deal with lenders this week, final deal by end year- govt spox

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