“There was white smoke,” Greek Finance Minister Euclid Tsakalotos said to reporters, hinting on the elections of the Pope. The negotiations for a technical deal were concluded on all issues, and the way has now been paved for debt relief talks, he added.

Greece and its foreign creditors reached a deal on a package of bailout-mandated reforms, Greek Finance Minister Euclid Tsakalotos said, paving the way for the disbursement of further rescue funds.

Talks on the deal,  including and  labor and energy reforms,  also pension cuts and tax rises, had lasted for half a year mainly due to a argument between the European Union and the International Monetary Fund over fiscal targets.

Greece now needs to legislate the new measures before euro zone finance ministers approve the disbursement of loans, money Athens needs to repay 7.5 billion euros in debt before July. PHOTO: illustration

The next scheduled Eurogroup meeting is on May 22. The reduction of Greece’s debt much awaited by general public will also be discussed.