Greece and its lenders have reached an agreement only on the basic package of measures of 5.4 billion euros, a European official said on Friday.

The two sides have not yet reached a final agreement on the details of the mechanism of automatic cuts, the same official said, but this is expected to be done over the weekend.

According to the official, the institutions are waiting for Greek government to provide some clarifications on the credibility of the correction mechanism, which is to be passed into law next week, as well as financial sustainability, fiscal stability, competition, modernization of public sector.