The European Financial Support Mechanism is to provide 7 billion euros for a bridge loan that will aim to cover Greece’s immediate funding needs, to pay off ECB and IMF loan installments in July and August.
The decision came late on Wednesday evening, amid disagreements from non-Eurozone members such as the UK, who will receive guarantees from the profits worth 3.5 billion euros derived from Greek bonds held by the ECB, as part of the SMP program.
The details of the bridge loan will be determined at the Eurogroup teleconference that is scheduled to take place on Thursday morning.
