The three-year deal will see the country offered a reduction in its debt in return for implementing a 6.4bn euro round of austerity measures in addition to accelerating its privatisation package, according to Reuters.
Greece’s latest bailout, agreed in principle at a meeting of European deputy finance meeting in Vienna last night, is likely to include a restructuring of its private sector debts.
The size of the package was not disclosed but a Reuters source said it would involve some participation from private sector investors.
If the deal gets the go ahead from the IMF and European Central Bank it will replace Greece’s existing 110bn euro EU/IMF bailout.
If agreed, the deal could be signed off by euro finance ministers on 20 June.
Earlier this week, Moody’s cut its ratings of Greece three notches from B1 to Caa1 as the nation struggles to bring down its ballooning deficit.
