The rescue plan, outlined in a 20-hour negotiating session in an Athens hotel, would provide aid worth up to 86 billion euros, or about $94.4 billion, to Greece in exchange for harsh austerity terms. It also acknowledged that the economy has been so severely damaged that it is now likely to wallow in recession through at least next year.
But whether the accord would satisfy Germany, or be ratified by other European governments in time to send Greece new aid to make a crucial €3.2 billion payment to the European Central Bank on Aug. 20, remained to be seen.
Martin Chaudhuri, a spokesman for the German Finance Ministry, said that Berlin had not yet been notified of an agreement. Should a deal emerge, "we are ready to evaluate it quickly," he said.
"What we have is a technical-level agreement," Annika Breidthardt, a spokeswoman for the European Commission, told a daily news conference on Tuesday, referring to the negotiations with the government in Athens. "What we don't have at the moment is a political agreement."'