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EU confirms granting €7.16 billion bridge loan to Greece

July 20, 2015, 14:52 UTC+3 BRUSSELS
These funds are designed for Greece’s urgent financial needs, above all, to service its foreign debts, European Commission spokesperson Margaritas Schinas says
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© AP Photo/Petros Giannakouris

BRUSSELS, July 20. /TASS/. Debt-laden Greece has received a short-term bridge loan of €7.16 billion granted from the European Financial Stabilization Mechanism (EFSM), European Commission spokesperson Margaritas Schinas said on Monday.

"The short-term financing of €7.16 billion has been transferred," the spokesperson said.

"These funds are designed for Greece’s urgent financial needs, above all, to service its foreign debts. The European Commission and Athens are due to start talks this week on a three-year program of macro-finance assistance to Greece in the amount of €80-90 billion, which will be provided from the eurozone stabilization fund — the European Stabilization Mechanism. The European Commission expects to arrange this loan package by mid-August," the spokesperson said.

Since 2010, when Greece’s sovereign debt crisis broke out, Athens has received €240 billion in bailout loans from the EU and the International Monetary Fund (IMF).

Despite a partial debt write-off in 2012, Greece’s sovereign debt currently exceeds €315 billion or 175% of its GDP. This figure is almost three times the debt-to-GDP ratio set for the eurozone countries, which should not exceed 60% of GDO according to the EU’s Stability and Growth Pact.

Greece’s international creditors say the Hellenic Republic can receive further financial aid, if the government undertakes to implement further austerity measures in the country.

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