Greece deal done in outline, awaits political approval

After haggling over the last bailout for months, Greece and creditors have been able to strike a deal in almost no time. According to Greek officials, who are usually on the very optimistic side, a deal is done.

It has been confirmed by economy mister George Stathakis. As of now, the main points on three year structural reforms have been agreed on to. The good news is IMF officials have also nodded to the deal, which mean IMF will finance Greece for another three years.

The deal will require approval from Euro-zone parliaments including from Germany and from Greece's own by Friday, so that it can be finalized in Euro group meeting.

Vote on the deal will be key challenge for Greek Prime Minister Mr. Tsipras. In previous vote he has faced large rebellions within his party when almost 25% of the ruling government, voted against the new bailout.

Moreover, Greek parliament needs to pass two prior actions, which includes setting up of €50 billion privatization fund as well as full liberalization of energy markets.

Euro, though currently not focusing on Greece, will nevertheless benefit from the positive mood over the deal.

Euro is currently trading at 1.106 against Dollar, up 0.44% today so far.