Experts from Greece and creditors 'drafting loan deal'

Technical experts representing Greece and its creditors are to start drafting Wednesday a long-awaited agreement that would release much needed bailout loans for the struggling eurozone country, a Greek government source said.

"The process of drafting the staff-level agreements begins in Brussels today," the source said.

"We are in the final stretch, we are close to an agreement," Prime Minister Alexis Tsipras said after a briefing at the finance ministry.

"Very soon we will be able to present more details," he said.

Drafting a staff-level agreement would be the closest that Greece and its creditors have come to a deal to unlock 7.2 billion euros ($7.8 billion) of bailout loan money in four months of talks.

EU sources were not confirming a deal for the time being, noting that a meeting in Brussels between experts from the two sides had been delayed.

European Commission Vice-President Valdis Dombrovskis had earlier said there were "a number" of important areas still to be resolved.

"Of course there are a number of important areas to be discussed, in terms of fiscal targets, primary surplus targets, fiscal measures...issues related to pension reform...the labour market," he said.

The deal framework according to Athens will include low primary surplus targets for Greece, VAT reform, a pension system overhaul and debt relief, the source said.

However, the Greek government insists there will be no further cuts to salaries and pensions.

"The Greek prime minister will be in constant communication with other leaders to facilitate a deal," the government official added.