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Greece, Creditors Agree on New Package of Reforms

FILE - Greece's Finance Minister Euclid Tsakalotos prepares for a Eurogroup meeting at the EU Council in Luxembourg, Oct. 10, 2016.

Greece's finance minister said Saturday that an agreement had been reached between the heavily indebted country and its creditors on its progress in implementing reforms.

The agreement on the so-called Third Assessment of Greece's latest bailout program will allow Greece to receive fresh funds next year, after implementing workplace reforms, speeding up the settlement of bad loans, tightening up rules for family subsidies and selling off state-owned power plants.

European monetary affairs commissioner Pierre Moscovici also announced that a "staff-level agreement'' had been reached, meaning that although creditor representatives were involved, the European Union's finance ministers must approve the agreement, which they are expected to do Monday.

Finance minister Euclid Tsakalotos said Greece would have to vote on at least two major bills by January 22 to implement the agreement.