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Greece is heading for the completion of the draft agreement for a third bailout programme by Tuesday; the first tranche may be extended before 20 August, said a source familiar with the contents of the teleconference of the Economic and Financial Committee held on Friday evening.

The talks are progressing smoothly and are likely to finish over the weekend, said the same source. If, according to plan, the draft memorandum of understanding and an updated analysis of the viability of the debt are ready by Tuesday, the Greek government and the parliament are expected to approve them by hursday.

Thereafter, the Eurozone finance ministers could meet up live or through videoconferencing in order to approve a three-year loan agreement with Athens, says the same source.

Before 20 August, Greece is expected to ratify yet another package of laws including various reforms. Along with the national procedures for endorsing the agreement, this will secure the first tranche in time to enable payments on ECB-held Greek bonds maturing on August 20, added the source.

Everybody seems to be working on plan Α: the signing of the agreement and, before 20 August, extending the first tranche of the new loan worth €86 billion, said the source.

Negotiations began on 20 July, a week after the all-night meeting, at which the Eurozone leaders agreed to start negotiations with Greece.

According to the same source, no serious disagreements between Eurozone states emerged during the Friday teleconference, which lasted about an hour, partly because there was nothing specific to be decided.

Some countries, primarily Germany, wanted a clear definition of commitments for longer-term reforms, apart from the immediate actions Greece is bound to take, the source added, cited by Reuters.