By Magda Panoutsopoulou

ATHENS

Greece reached a key agreement with its international creditors on Friday after a series of delayed meetings, possibly allaying the EU member's fears of bankruptcy.

The two sides agreed on further reforms, deemed essential for the debt-stricken country to receive its next loan.

However, Greek workers and pensioners have repeatedly demonstrated their opposition to austerity measures.

Eurogroup President Jeroen Dijsselbloem said Greece would have to lower its pension spending by 1 percent of GDP in 2019, in addition to lowering its tax-free threshold on earnings.

Speaking after a meeting of Eurozone finance ministers in Malta, Dijsselbloem said progress had been made from the Greek side and that European representatives would soon return to Athens.

Greek Finance Minister Euclid Tsakalotos insisted Greece would be a country “without supervision” after the reform program was completed.

He said two sets of measures were on the list; a €3.6 billion ($3.8 billion) package of “positive measures” for 2019 plus reforms on real-estate taxation and income for 2020.

Tsakalotos also said €1.8 billion ($1.9 billion) to alleviate child poverty, housing problems and youth unemployment would be spent in 2019.

However, Greece will have to meet criteria set out in the latest round of austerity measures.