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# Greece Reaches Bailout Agreement, Needs Political Approval

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<!-- video src="https://cdn.jwplayer.com/manifests/d7IIU4ut.m3u8" -->
## Video: Greece Reaches Bailout Agreement, Needs Political Approval

[Watch (HLS stream): Greece Reaches Bailout Agreement, Needs Political Approval](https://cdn.jwplayer.com/manifests/d7IIU4ut.m3u8) (1:01)

![Greece Reaches Bailout Agreement, Needs Political Approval](https://cdn.jwplayer.com/v2/media/d7IIU4ut/poster.jpg?width=720)

_Published 2015-08-11. Greece has reached an agreement with its creditors but still needs political approval for the latest bailout plan._


---

Jul 27, 2023 6:39 PM UTC

---

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### Protesting the Bailout

---


## Transcript

After a full night of negotiations in an Athens hotel, Greece has reached a technical agreement on a new bailout plan with its international creditors. According to multiple reports, if the plan goes through, it could be worth upwards of 86 billion euros to Greece over the next three years. But this is just a technical agreement, meaning the plan still needs political approval. Greece's finance minister will have to try to push this deal through parliament and he'd better work quickly. Greece has a $ 3. 2 billion payment to the European Central Bank scheduled for August 20. Failing to get a bailout approved and subsequently missing its payment could result in the country leaving the eurozone.

And filing for bankruptcy. Initial reports say some aspects of the deal include phasing out early retirement, agreeing to recapitalize banks, and reviewing the Greek social welfare system. The details of the agreement haven't been confirmed by the EU just yet. A spokesperson for the European commission told the New York Times, nothing is agreed until everything is agreed.

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