GREECE and its creditors were involved in “intense talks” over the weekend to agree a new bailout before the debt-ridden country must repay 3.4 billion euros (US$4.42 billion) to the European Central Bank (ECB) on Aug. 20.

    European officials said sticking points still remain despite the progress being made, with a “generally positive reception... towards Greek readiness to vote on reforms this week.

    “It is ambitious but feasible to come to an agreement in the coming days, preferably by Aug. 20,” an EU diplomat said Saturday.

    Greece has been in discussions with officials from the ECB, the International Monetary Fund (IMF) and the European Stability Mechanism for the past week over further reforms they are demanding in return for a third bailout for up to 86 billion euros.

    With its lenders insisting on “very good cooperation” from Athens, both sides were “working flat out on a draft memorandum of understanding” and “intense talks with Greece will continue over the weekend,” another EU source said.

    The ECB deadline means an agreement will have to be reached by next Monday to prevent Greece having to ask for a bridging loan to stop it defaulting on another repayment.

    Cash-strapped Greece already missed two key payments to the IMF that were due June 30 and July 13, but the repayments — amounting to around 2 billion euros — were later made possible with a short-term EU loan.

    Greek Prime Minister Alexis Tsipras said Thursday that the talks for a new bailout were in the “final stretch.”

    Tsipras is under pressure from a sizeable minority in his party who say the rescue package he agreed to in July goes against the government’s campaign pledges.(SD-Agencies)