Greece has agreed a bailout deal “in principle” with its creditors, the European Commission said. The Commission said a technical agreement had been reached with Greece, which now requires political approval. Greek Prime Minister Alexis Tsipras has asked parliament to convene so that MPs can debate the details on Wednesday before a vote that was scheduled on Thursday.

A deal on a new €85bn (£60bn) three-year agreement is needed to keep Greece in the eurozone and avert bankruptcy. Earlier, Greece’s Finance Minister Euclid Tsakalotos had said “two or three small issues,” were yet to be resolved with lenders, following overnight talks in Athens.

The country needs a deal by 20 August, when it has a debt repayment of about €3bn to make to the European Central Bank. A European Commission spokeswoman said a technical deal had been reached on Monday night between parties including Greece, the International Monetary Fund, the European Central Bank, and the European Stability Mechanism.

She said a series of phone calls between political leaders would now take place.
A Greek official said earlier that Greece agreed the function of a new independent privatization fund, and how non-performing bank loans will be administered. “Finally, we have white smoke,” the official added. Deregulation of the natural gas market, another sticking point, was also agreed. But Finnish Finance Minister Alexander Stubb sounded a cautious note, saying more work needed to be done with the details to finalize the agreement.