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EU officials
seem reluctant on bridge loan
European Union officials are reluctant to extend Greece the bridge loan it
has said it is seeking from its international creditors -- the European
Commission, European Central Bank and International Monetary Fund, known as the
troika -- to cover a 3.2-billion-euro loan that comes due on August 20, Skai
understands.
According to sources, officials in Berlin and Brussels are not prepared to
consider the request by Greece's Finance Ministry for the extension of such a
loan before the troika issues a much-awaited report on Greece's reform
progress.
Troika officials have indicated that they could show flexibility on which
measures are taken as long as they achieve the required revenue. But there
appears to be growing impatience at Greece’s lack of progress in meeting deficit
reduction targets.
On Wednesday German Finance Minister Wolfgang Schaeuble suggested the euro
zone could handle a Greek exit. 'The risks of contagion for other countries of
the euro zone have been reduced and the euro zone as a whole has become more
resistant,' Schaeuble was quoted as telling the Rheinische Post newspaper.
Eurogroup Chairman Jean-Claude Juncker also appears to have hardened his
stance. Asked if it would be better if Greece left the euro, he told German news
magazine Der Spiegel last Sunday, ‘the Greek government has not implemented the
program as agreed.' He added that it would cost more to give Greece an extension
to meet targets. 'This raises two questions,' he said. 'Firstly, are Europeans
prepared to put up extra resources? And secondly, will the IMF come on
board?
The Eurogroup chief has indicated that Greece could be supported in the
repayment of a bond that comes due on August 20. A Greek Finance Ministry
official said on Tuesday, however, that Athens was seeking a bridge loan from
foreign lenders to cover the 3.1-billion-euro bond
repayment. | 
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