Greece could conclude talks with international creditors on its third bailout worth up to 86 billion euros by Tuesday. Kirsty Basset reports on some of the remaining hurdles.
Greek officials arrive at the Hilton in Athens, as negotiations over Greece's third bailout package may be drawing to a close. It follows a marathon session that ended in the early hours of Monday. At stake is up to 86 billion euros in loans, which will keep Greece in the euro and prevent the country from economic collapse. European Commission spokeswoman Annika Breidthardt (SOUNDBITE)(ENGLISH) EUROPEAN COMMISSION SPOKESWOMAN ANNIKA BREIDTHARDT SAYING: "Progress has indeed been made and we expect further progress throughout the day and beyond as talks continue to resolve the remaining issues." One of those issues, according to a senior EU official, is the size of the overall bailout. Some member states want to see it reduced from the up to 86 billion euros agreed at a summit in July, as they face growing taxpayer backlash against pouring more money into Greece. There are other hurdles too. Chief economic advisor at CEBR, Vicky Pryce. (SOUNDBITE) (ENGLISH) CHIEF ECONOMIC ADVISOR, CEBR, VICKY PRYCE SAYING: "Whether Greece can tackle in particular the labour market and pensions. There's been a big issue about early retirement and that has been something which keeps coming back on the table." Once an agreement is signed, Greece's economy could start to recover. (SOUNDBITE) (ENGLISH) CHIEF ECONOMIC ADVISOR, CEBR, VICKY PRYCE SAYING: "It will open the door for the European Central bank to include Greek government bonds into the QE program and I think once that is done, Greece can seriously start moving towards nomality and that would be a great breakthough." There's more than one incentive for a deal to be reached quickly - Greece has a 3.2 billion euro payment to the ECB due on August 20.