Greece is on course towards its third bailout agreement with internationalcreditors on August 11. A source from the European Commission stated that an agreement by Tuesday would lead to the first installment of a bailout tranche by August 20 so that Greece can pay its dues to the European Central Bank worth 3.2 billion euros.

The same EC source, aware of the teleconference call by the Economic and Fiscal Committee on Friday evening, stated that negotiations are proceeding as expected and are likely to be concluded over the weekend. Once a document is chartered by Tuesday, it will need to be ratified by Greek Parliament on Thursday. The Eurogroup would either then meet in person or hold a teleconference call to approve the three-year bailout deal.

Greece would then need to ratify another legal framework with various reforms before August 20, the date when the ECB payment is due. The EC source stated that everyone working on Plan A are working towards an agreement for the first installment and a full bailout package of 86 bln euros.

Friday’s teleconference call lasted an hour, with Germany leading a group of countries that want specific commitments and long-term reforms to be succinctly outlined in the agreement with Greece.