Greece edges closer to sealing bailout package

Chris Papadopoullos
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GREEK finance minister Euclid Tsakalotos is optimistic the country will reach a deal with its creditors in time to meet a debt repayment next month, despite the prospect of stricter conditions.

“I don’t know if it will be tomorrow morning, but soon means soon,” Tsakalotos told reporters yesterday after two days of negotiations.

Germany yesterday said it wanted rules in place to ensure Greece only received funding in line with reforms it had undertaken.

“It is sensible – that is our belief – to fix the size of the first payment tranche to the extent of the reforms implemented,” a German finance ministry spokesperson said. “That means strict conditionality for financial help. We are ready to do this examination quickly this week if necessary, but quality comes before speed.”

Greece and its creditors – the International Monetary Fund (IMF), European Commission and European Central Bank (ECB) – must finalise an €86bn (£61bn) bailout package, or some sort of bridging loan, by 20 August. Otherwise it risks missing a debt repayment to the ECB.

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