The European Union will provide Greece with a bridge loan of 7.16 billion euro ($7.78 billion) by Monday, July 20, European Commission Vice-President Valdis Dombrovskis said Friday.
"We have an agreement on the bridge financing for Greece based on the EFSM [European Financial Stabilisation Mechanism] loan. This agreement, backed by 28 European Union member states, prevents Greece from an immediate default. It means that 7.16 billion euro will reach Greece by Monday," Dombrovskis told reporters.
The European Union will allocate a 7.16 billion euro bridge loan to Greece, the European Commission's vice president Valdis Dombrovskis said Friday.
Dombrovskis added that the European Commission hoped an agreement with Greece on a new loan program could be reached within the next two weeks.