Greece and creditors agree on bailout terms: FinMin official

Greece and international creditors agreed on a new multi-billion euro bailout deal on Tuesday, a finance ministry official said, in an accord which will keep the country in the euro zone and avert bankruptcy.

"An agreement has been reached. Some minor details are being discussed right now," the official told reporters after marathon overnight talks between Greece and lenders in Athens.

Athens is negotiating with European Union institutions and the International Monetary Fund for up to 86 billion euros ($94 billion) in fresh loans to stave off economic collapse and stay in the euro zone.

The bailout must be in place by August 20, when Greece has a repayment falling due to the European Central Bank.

Greece needs a 10 billion euro buffer for bank recapitalization, 7 billion to reimburse the bridge loan for July and more than 3 billion to pay the European Central Bank in August.