Schäuble and Juncker disagree whether an agreement by 20 August is possible

The possibility of an agreement being reached between Greece and the institutions by the 20th of August, when a payment is…

The possibility of an agreement being reached between Greece and the institutions by the 20th of August, when a payment is due to the European Central Bank, has caused a “rift” between the European Commission chief and the German Finance Minister.

According to an article in Süddeutsche Zeitung, Wolfgang Schäuble claims that the negotiations will not conclude in time and as such a new “bridge loan” will be necessary. This bridge loan, he has argued, will be for about 5 billion euros.

The German Finance Minister has argued that the new Greek program should last for three years and provide 80 billion euros in order to be successful. Given that he believes it is unlikely to reach a deal in time, he has favored a new bridge loan, rather than a ‘half-finished’ agreement.

On the contrary, Jean-Claude Juncker has repeatedly expressed his optimism regarding an agreement in time for the 20th of August.

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