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, which is the closest that Greece and its creditors have come to a deal to unlock 7.2 billion euros ($7.8 billion) in bailout loan in four months of talks.