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EU tries to assemble 7-bln-euro bridging loan to Greece

Xinhua, July 15, 2015 Adjust font size:

The European Commission (EC) on Wednesday proposed to grant Greece a three-month bridging loan worth 7 billion euros from a 28-member backed EU-wide fund to address Athens' urgent financing need.

"Given the obvious absence of any other better solution, the best possible avenue left is the EFSM (European Financial Stabilisation Mechanism) programme," said Valdis Dombrovskis, the Commission's vice president for the euro.

The proposal aims to give Greece a quick loan before a full bailout program takes effect as the country has to repay a 3.5-billion-euro loan to the European Central Bank on Monday.

Two days ago, Eureozone's 19 heads agreed to further support debt-ridden Greece with a full bailout program that will be operational only after Greece fulfills its reform commitment.

The Commission's proposal was reported to have received resistance from non-euro member states such as Britain. Endit