Greece says expects bailout deal by Aug 18

The bailout, worth up to 86 billion euros ($94.42 billion), needs to be settled by Aug. 20 if Greece is to pay off debt of 3.5 billion euros to the European Central Bank that matures that day.

Greek flags are displayed for sale for one Euro at a shop in central in Athens, Greece July 26, 2015.REUTERS/Yiannis Kourtoglou

Greece expects to conclude a bailout deal with international lenders by Aug. 18, with the drafting of the accord starting on Wednesday, government spokeswoman Olga Gerovasili said on Tuesday.

Greece’s finance and economic ministers were due to meet international lenders later on Tuesday to discuss privatizations and bank recapitalization.