Greece and its lenders have agreed on the technical details of a third bailout, a spokesperson for the European Commission confirmed Tuesday, but a political agreement still needs to be secured.
Speaking at the Commission's midday press briefing, Annika Breidthardt, spokesperson for Economic and Financial Affairs, told reporters that technical talks had been concluded late last night.
While a bailout was "agreed in principle on a technical level…the Commission won't comment on other details until political agreement is reached," she said.
"Nothing is agreed until everything is agreed. We've had an agreement in principle," she said, although she remained tight-lipped about the details still to be ironed-out.
The president of the Commission, Jean-Claude Juncker, was talking to teams on the ground in Greece, she said, and would talkto German Chancellor Angela Merkel and French President Francois Hollande.
Greece and its lenders have agreed the terms of a new bailout, a Greek Finance Ministry official told CNBC.
The official, who asked to remain anonymous, told CNBC that an agreement had been reached and there were some "minor details" left to be discussed.
"The negotiations were completed this morning, there are some minor details left but it's nothing special. These details do not affect the completion of the deal," the official said on Tuesday.
Also on Tuesday, Greek government spokesperson, Theodoras Mihopoulos, tweeted: "Negotiations have been completed. There are some details left."
Craig Erlam, senior market analyst at currency trading company OANDA, said the news was a positive step, although he remained cautious.
"Of course, we've heard this all before so shouldn't get carried away until we've had official confirmation but it all sounds very promising," he said in a research note.
"It's very unusual for talks between Greece and its creditors to go so smoothly, which may straight away raise skepticism among some investors. If true, then Greek ministers could pass the bailout throughout parliament on Thursday leaving finance ministers to give it their backing on Friday, comfortably before the 20 August deadline when Greece must pay 3.2 billion euros to the European Central Bank."
A spokesperson for the European Commission said it would comment on the deal at its midday briefing Tuesday.