Greeces reaches bailout deal "on a technical basis"

Greece has reached an agreement with the creditor institutions over a third bailout program “in principle on a technical basis,” an EU Commission spokeswoman said Tuesday. A “political assessment” will have to follow now, she said. EU Commission President Jean-Claude Juncker would hold talks with German Chancellor Angela Merkel and French President Francois Hollande later on Tuesday. According to media reports, Merkel had urged Greek Prime Minister Alexis Tsipras to accept another bridging loan in order to have more time for thorough negotiations on the bailout program. The cep believes that this makes sense. Only if the right structural reforms are agreed upon, will Greece be able to regain its competitiveness and have a chance to stand on its own feet again.