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Eurozone offers Greece €7bn bridge loan
Eurozone ministers have agreed to give Greece a €7bn (£5bn) “bridge” loan from an EU-wide fund to keep its finances afloat until a bailout is approved. They agreed in a conference call to tap the EU’s EFSM emergency fund.
The loan is expected to be confirmed by the European Commission on Friday, when it will be voted on in the EU Council. Talks on emergency funding started after the Greek parliament passed tough austerity reforms in a vote late on Wednesday evening.
CNN reports, that this should open the way for emergency funding for Greek banks, allowing them to reopen after being closed for almost three weeks.
Separately, the European Central Bank (ECB) is to consider easing a funding squeeze on Greek banks – but correspondents say a decision may not be imminent.
Eurozone leaders agreed on the bailout in principle in Brussels on Monday, on the condition that the Greek parliament passed reforms on taxation increases and pension curbs by Wednesday.
Read also: Eurozone strikes deal with Greece
Greek Prime Minister Alexis Tsipras won the parliamentary vote by 229 votes to 64, but needed the support of opposition MPs to do so.
His left-wing Syriza-led government is expected to survive, despite losing its majority after 38 Syriza MPs rejected the reforms.
It paves the way for eurozone finance ministers to open detailed talks on the bailout, worth up to €86bn. Finland’s parliament on Thursday approved the bailout talks – one of a number of eurozone states which require a mandate from their own parliament for Greece to secure new funds.
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