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Greece, rescue creditors in 2nd day of talks on new lifeline

Greece's Prime Minister Alexis Tsipras arrives at Syriza party headquarters for a meeting with senior party officials in Athens, Monday, July 27, 2015. After passing a series of reforms demanded by creditors, the Greek government is hoping that negotiations on the bailout will be completed by Aug. 20 when the country has a big debt repayment of around 3.2 billion euros ($3.5 billion) to make to the European Central Bank. (AP Photo/Thanassis Stavrakis)
Greece's Prime Minister Alexis Tsipras arrives at Syriza party headquarters for a meeting with senior party officials in Athens, Monday, July 27, 2015. After passing a series of reforms demanded by creditors, the Greek government is hoping that negotiations on the bailout will be completed by Aug. 20 when the country has a big debt repayment of around 3.2 billion euros ($3.5 billion) to make to the European Central Bank. (AP Photo/Thanassis Stavrakis)

By Associated Press 1 min read

ATHENS, Greece (AP) – Emissaries from Greece’s international creditors are holding a second day of preparatory talks with Greek officials, ahead of higher-level negotiations later this week on the country’s new multi-billion euro lifeline.

The aim is to thrash out the terms of the deal – worth about 85 billion euros ($94 billion) over three years – before Aug. 20, when Greece must make a debt payment that it cannot afford without new loans.

It will be the country’s third bailout in more than five years. So far, the country has received about 240 billion euros from the European Union and the International Monetary Fund.

In return, it was forced to implement harsh income cuts, tax hikes, and wide-ranging market reforms. The austerity deepened a sharp recession, and increased unemployment to a peacetime record.