Initial approval by EU Finance Ministers on deal

The 28 EU Finance Ministers have essentially given their approval of the deal reached between Greece and the Quartet paving the way for the agreement to pass on to a political agreement with EU countries to bring the deal for ratification in their national parliaments. The European Financial Council (EFC), or the ‘mini EcoFin’ as it is called, convened via teleconference Tuesday for a briefing on the deal and agreed on the plan in principle. Greek Finance Ministry sources expressed their satisfaction over the positive reception EU Finance officials had for the deal during the teleconference. The next step involves the Eurogroup meeting to ratify the agreement, possibly on Friday. Germany, however, is cautious about pushing through the deal in a rush and wants the Eurogroup meeting to convene with the physical presence of all Finance Ministers, and after Greece has passed the agreement in parliament. European Commission President Jean-Claude Juncker is expected to talk with German Chancellor Angela Merkel and French President Francois Hollande later Tuesday, while he has already contacted Greek PM Alexis Tsipras and German Finance Minister Wolfgang Schauble.