Prime Minister Alexis Tsipras confirmed Wednesday that Greece is on its final steps in settling a multi-billion-euro bailout deal with creditors, Reuters reported.
"The first phase of negotiations ends today and the second phase starts, which really contains the details of drafting (the deal)," Olga Gerovasili, a Greek government spokeswoman, said. The drafting of the accord officially stars on Thursday, according to Ekathimerini.
The bailout, worth up to 86 billion euros, will keep the country afloat in the next three years while it works to secure its place in the Eurozone. It will be the nation's third bailout since its debt crisis loomed in 2010, Reuters reported.
Following the wrap of the Wednesday's meeting in Athens, Greek Finance Minister Euclid Tsakalotos said negotiations were going better than expected.
"We are moving in the right direction and intense work is continuing," Commission Spokeswoman Mina Andreeva said.
Greece was commended by various Eurozone representatives for being organized and cooperative. All significant matters have been arranged, including pension reform, privatization, labor markets, administrative reforms and fiscal policy.
Tsakalotos is credited for the ideal turn of events. The Oxford alum filled the shoes of Yanis Varoufakis last month.
Previous negotiations had been slowed down with talks of reform ranging from pensions to shop opening hours. Earlier in 2015, there were angry outbursts about responsibility and sovereignty.
Government spokeswoman Gerovasili noted that if all parties keep their word, the deal will be done by Aug. 18.
The agreement must be sealed preferably before the country's 3.5 billion-Euro loan from the European Central bank matures on Aug. 20, The Telegraph reported.
The negotiation began on July 28 following a two-day delay on logistics.
