An agreement has been reached between the banks and super-market chains Sklavenitis and Marinopoulos, which will see the two companies merge.

According to the deal the troubled Marinopoulos super-market chain will be absorbed by Sklavenitis. After the agreement is singed, about 80 million euros will be paid out in order to pay wages and rent.

The next phase of the major deal relates to the major debts towards suppliers accrued by Marinopoulos over the years. About 60% of suppliers have agreed to a debt haircut.

Efforts are being made so that any debts up to 150,000 to 200,000 euros will not be slashed. At present debts up to 100,000 are not expected to be reduced.