(Photo: greekreporter.com)

(VOVworld) – Greece and international creditors have reached a breakthrough in negotiations of details of the third bailout worth 86 billion euros for Athens.

The package is likely to be approved by finance ministers of the Eurogroup this Friday.

According to German media, Greece and foreign lenders will wrap up a basis agreement by as early as Tuesday so that the Greek government and parliament will be expected to approve them by Thursday towards the Eurogroup’s approval on Friday.

The deal then needs support by a number of parliaments of Eurozone countries including Germany which should ratify the bailout package before August 20 to help Athens get the first disbursement of aid of 3 billion euros for debt payment to the European Central Bank.

Most of the third bailout package will come from the European Stability Mechanism (ESM).