(VOVworld) – Greece reached an agreement on a third bailout with its creditors on Tuesday. According to the agreement, Greece pledged to keep its budget deficit at 0.25 per cent of its GDP this year and to achieve a budget surplus of 1.75 per cent of GDP in 2017 and 3.5 per cent of its GDP in 2018.

A Greek flag is seen flying outside the Athens Stock Exchange (Photo: AFP)

The Greek Parliament will vote on whether to adopt the agreement on Thursday, then it will be submitted to the Eurogroup on Friday. The agreement will require approval from both the Eurogroup and the Eurozone. Legislators of Eurozone member countries will on next Monday and Thursday, just before the August 20^th deadline for Greece’s debt repayment to the European Central Bank.