As Greek parliament voted for further austerity earlier today, the clock reminds time is ticking on yet another deadline, August 20 - when Greece is due to pay about 3.2 billion euros to the European Central Bank.
Acceptance of the laws gives way to the return to Athens of the so-called Troika to negotiate terms for as much as 86 billion euros, which would be the nation’s third financial aid in five years. PM Alexis Tsipras said he’ll implement the program although he thinks the policies being imposed are wrong.
European Commissioner Pierre Moscovici said Wednesday it’s too early to say if separate short-term financing would be necessary. However, according to a Greek official who asked not to be identified, the Commission is examining the possibility of another bridge loan to Greece as a means to avoid a default if the third bailout can’t be arranged in time.
As Moscovici commented earlier, negotiations between the cash-strapped country and creditors will be swift. However, implementation is the most tricky thing here, as Slovak Finance Minister Peter Kazimir twitted.
Meanwhile, the euro surged Thursday with EUR/USD last trading at 1.1008 higher 0.72%.
