Emissaries from Greece's international creditors are holding a second day of preparatory talks with Greek officials, ahead of higher-level negotiations later this week on the country's new multi-billion euro lifeline.

The aim is to thrash out the terms of the deal — worth about 85 billion euros ($94 billion) over three years — before Aug. 20, when Greece must make a debt payment that it cannot afford without new loans.

It will be the country's third bailout in more than five years. So far, the country has received about 240 billion euros from the European Union and the International Monetary Fund.

In return, it was forced to implement harsh income cuts, tax hikes, and wide-ranging market reforms. The austerity deepened a sharp recession, and increased unemployment to a peacetime record.