Greece submitted a bill to parliament on Wednesday that outlined a three-year bailout program and sought quick approval that would pave the way for rapid disbursement of aid.
Athens had talks with international leaders on Tuesday that lasted 23 hours and ended with agreement in what was the third bailout for the indebted nation since 2010. Terms of the deal included about 85 billion euros in fresh aid to remain in the euro zone.
"The government wants it to be approved before Friday's Eurogroup meeting. That is the effort," a parliamentary official, referring to the meeting of euro zone finance ministers, told Reuters.
The 29-page memorandum of understanding between Greece and its creditors states that Greece must move to rapidly privatize its ports, regional airports and its power grid operator.
Germany remained cautious on the timing for a final deal, having been the largest contributor to Greece's two previous bailouts and. "We will have to examine the results that come in the course of today," deputy finance minister Jens Spahn said, according to Fox News.
"Whilst an agreement may have been reached and Greece looks increasingly likely to meet the 20th August payment deadline, we are not out of the woods yet," said Dean Turner, economist at UBS Wealth Management, commenting on the risk of Greece leaving the euro zone.
"In spite of Greece reaching a technical agreement in principle, the risk of Grexit has not disappeared altogether. There are a number of challenges ahead, including securing passage through the Greek parliament, and some other European parliaments including Germany," Turner added, CNBC reported.
Reacting to the deal, Greek Health Minister Panagiotis Kouroublis said Prime Minister Alexis Tsipras should call for snap elections to lock in popular support. "It is a very tough deal. The left had to either escape or take huge responsibilities and prove it can help society. After this deal the prime minister should call for elections, so that the Greek people can vote on whether they approve the program or want something else," he said, according to Reuters.
Spanish Prime Minister Mariano Rajoy said that the Eurogroup of eurozone finance ministers is scheduled to meet on Friday to discuss approval of the deal, BBC News reported.
