Greece should tap EU-wide rescue fund for emergency loan, says top EU official

An EU-wide fund should be used to provide short time loans to Greece, senior European officials say.

The European Commission is proposing a seven billion euro loan to Athens so it can cover its immediate financing needs.

"Given the political, legal, financial and time constraints there were two most realistic options left. Bilateral loans and the programme for the European Financial Stabilisation Mechanism (EFSM)," said Valdis Dombrovskis, the EU commissioner in charge of the euro.

"However, …
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