The European Commission has confirmed that a deal on a third Greek bailout programme has been reached.

"We have achieved an agreement in principle on a technical basis and talks are still ongoing on details… What we don't have at the moment is a political agreement and that's what we need," the European Commission spokeswoman Annika Breidthardt said on Tuesday.

She also said that deputy finance ministers from the 28 EU countries will hold a telephone conference today.