Tag

The bill on the rescue deal passed just in time for Greek Finance Minister Euclid Tsakalotos to head to Brussels to meet his counterparts from the 19-country currency union in the hope of getting their seal of approval as well.

According to a statement released by the European Commission (EC) immediately after the meeting, the new billion-dollar loans will be made available over the next three years to Greece by the ESM.

The approval comes after six hours of talks to nail down the tough and far-reaching reforms Athens must implement in return. Unable to borrow on the worldwide markets, another bailout is all that stands between Greece and a disorderly default on its debts – as soon as next...

The European Stability Mechanism will release the first tranche of funds to enable Athens to meet a €3.2bn bond repayment due to the European Central Bank on Thursday.

“In short, we maintain the view that a third bailout for Greece will not solve its deep-seated economic and fiscal problems or secure its future inside the currency union”, Loynes said.

A Greek government official said the hope is that a deal that “covers everything” will be concluded as soon as possible and indicated that one could be imminent by the time of a meeting of the eurozone’s 19 finance ministers on Friday.

“We’re talking about a program for three years, it needs to be negotiated thoroughly”, Deputy Finance Minister Jens Spahn told Germany’s ARD television shortly before Greece and its worldwide lenders said they had concluded a new bailout package.