The European Commission’s Coordinating Spokesperson for Economic and Financial Affairs Annika Breidthardt confirmed that an agreement in principle was reached with Greek authorities on Tuesday.

Mrs. Breidthardt noted that the EC President Jean-Claude Juncker would have further talks with German Chancellor Angela Merkel and French President Francois Hollande later in the day. Mr. Juncker, she added, has already been in touch with Greek PM Alexis Tsipras and German Finance Minister Wolfgang Schäuble.

According to Mrs. Breidthardt, the next step following the agreement is a political assessment. A Euro Working Group teleconference is scheduled to take place later in the day, in preparation for the upcoming Eurogroup meeting.