All set for the first bridge loan: € 7,000 M – Ambito.com

By Jorge G. Herrera .-

Before meeting the result of the Voting ON in the Greek Parliament, the European Commission yesterday began to outline a bridge loan to Athens first. Knowing how dire financial situation Greece, turned a deaf ear to the objections of the British Prime Minister, David Cameron, is not willing to use money from UK taxpayers to contribute to the Greek bailout. The eurozone would throw hand to rescue fund from the EU, the European Financial Stabilisation Mechanism (EFSM, for its acronym in English) to provide an emergency loan of 7,000 million euros to Greece until it receives the third program rescue. will be as soon as possible because Greece has to face this month maturities with the European Central Bank and the IMF. The loan will have a maturity of three months and will be returned to the EFSM once the Greek government receives the funds from the third rescue of 86,000 million euros.

According to the findings of the Eurogroup, Athens needs only 7,000 million euros to address several payments between now and 20, including 3,500 million euros to the ECB that day, and 5,000 million euros in mid-August. In fact, between July and August Greece it needs 12,000 million euros to avoid default. Behind the scenes is speculated that seek certain guarantees for partners who contribute to the rescue if Greece fails to repay the loan . The guarantees could arise from the profits of the ECB by the Greek debt operations (3,300 million euros between 2014 and 2015) or liquidity of the Community budget.

If successful this initiative, the United Kingdom, which is exposed to risk 690 million euros through the EFSM for the eurozone bailout for Greece (Cameron had negotiated with European leaders promise that no British money would be used for a rescue like this) could give its position. One option would be to do it through bonds UK has on its balance sheet. In this regard, yesterday the Minister of Economy of the United Kingdom, George Osborne, was in Brussels to talk about their European counterparts Greek bailout and said they were not willing to provide a bailout and the euro have to pay your own project .

Meanwhile, yesterday, the IMF again issued warnings about the uncertainty about the new bailout for Greece could undermine confidence in Germany and delay recovery in investment was expected to boost recovery Main European economy. At the same time the head of the Fund, Christine Lagarde, continued bellowing to the winds that Greece does not come without debt relief. This was reflected in the report 15/186 to be released on Tuesday about the sustainability of Greek debt. Today would have a teleconference between finance ministers of the eurozone to move forward in implementing this first loan to Athens.