Eurogroup convenes to examine bridge funding for Greece

The Eurozone’s Ministers of Finances will convene on Monday afternoon to discuss the ‘bridge funding’ of Greece, as the…

The Eurozone’s Ministers of Finances will convene on Monday afternoon to discuss the ‘bridge funding’ of Greece, as the European Summit recognized that 7 billion euros are needed by the 20th of July and a further 5 billion euros for mid-August.

According to Austrian Chancellor Werner Faymann, the Eurogroup will examine options to fund Greece and argued that the banks must not remain closed until the European Support Mechanism has finalized the new bailout program for Greece.

The Austrian Chancellor explained that the bridge funding could ether come through the ECB’s Emergency Liquidity Assistance mechanism, directly from the ESM, or possibly via combination. Mr. Faymann clarified that the IMF will continue to participate in the Greek bailout, despite the Greek Prime Minister Alexis Tsipras’ opposition to its involvement.

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