Athens is having talks today with the European Commission and the International Monetary Fund (IMF) for a bailout of up to 86,000 million euros. This will be his third save since 2010.
According to ‘GAVI’ akin to the ruling leftist party Syriza, the Greek authorities hope to conclude the talks with creditors to mid-August.
The first tranche of 24,360 million euros would be used to channel 10,000 million as an initial recapitalization of Greek banks, 716,000 million to repay a bridge emergency and 3,200 million loan to Greek bonds held by the ECB and other payments.
It is estimated that Greek banks could borrow up to 25,000 million euros to recapitalize, a deficit that has worsened due to capital outflows when Athens was threatened by the arrival at an impasse with creditors in the Eurozone.
In exchange for the financing, Greece has accepted reforms among which is making significant changes in pensions, raise the tax on value added tax (VAT), adjust its system of collective bargaining, measures to liberalize its economy and limit public spending.
If the talks fail to be completed in time, European authorities may need to provide more temporary funding that sought to bridge loan July, although according ‘GAVI’ possibly this was not discussed with creditors
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