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The Wall Street Journal: Greece and its creditors agree to bailout package

ATHENS — Greece and its international creditors reached an agreement early Tuesday on the austerity measures and economic overhauls the country must implement to keep its bailout program going, clearing the way for debt-relief talks.

“There is white smoke…Negotiations on all issues have been completed,” Greek Finance Minister Euclid Tsakalotos said after a marathon meeting with a delegation of creditors. “I’m certain that there will now be negotiations on debt because there is no excuse,” Tsakalotos said.

The agreement will release the next bailout disbursement Greece needs to make around €7 billion ($7.63 billion) in debt repayments in July. But more important, it sets the conditions for the creditors — the International Monetary Fund and the German-led eurozone — to discuss ways to ease the country’s mounting debt.

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