European Union to provide Greece with 7-billion-euro bridging loan
The EU’s 28 member states have agreed to make a bridging loan to Greece so it will avoid an immediate default. Greece has to make a bond repayment within days and is in arrears on payments to the IMF.
The European Union will provide Greece with a loan of 7.16 billion euros ($7.78 billion) by Monday. The funds will come from the The European Financial Stabilisation Mechanism (EFSM).
European Commissioner for the Euro and Social Dialogue Valdis Dombrovskis made the announcement on Friday afternoon:
“We have an agreement on the bridge financing for Greece based on the EFSM loan. This agreement, backed by 28 European Union member states, prevents Greece from an immediate default. It means that 7.16 billion euro will reach Greece by Monday,” Dombrovskis told reporters.
— Valdis Dombrovskis (@VDombrovskis) July 17, 2015
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Source News: DW