EU says Greek financing need for bailout not to exceed 86 bln euros

The European Union (EU) on Tuesday dismissed reports which warn Greece's financing need will exceed 86 billion euros, the overall sum the country will receive under an Eurozone fund in its fresh bailout plan, saying de facto figure even could be much less.

"The possible finance need for the program is up to 86 billion euros, could in fact turn out to be much less if all goes well," said Annika Bredthardt, spokesperson for EU's executive European Commission.

"For instance, if when the IMF (International Monetary Fund) comes in with its own program ... if Greece turns to the market ... that will decrease the financing need," Bredthardt told a press briefing.

The spokesperson commented that the higher figure in some media reports "completely disregards" Greece's ongoing privatization process, which is expected to collect a total of 50 billion euros and repay part of its debt.

Greece's program didn't require new fresh money from member states of the European Stability Mechanism (ESM) as it is totally under the Mechanism's own capacity which with the maximum lending amount up to 500 billion euros, Bredthardt added.

Eurogroup approved Greek third bailout package worth up to 86 billion euros under the ESM on Friday to keep the debt-torn country afloat and secure its stay in the euro area. Endit