1. Britain says solutions can be found to Greek bridge financing

Britain says solutions can be found to Greek bridge financing

British Prime Minister David Cameron believes a solution can be found to provide bridge financing to Greece while not putting British taxpayers' money on the line, Cameron's spokeswoman said.

By: | London | Published: July 16, 2015 7:30 AM

British Prime Minister David Cameron believes a solution can be found to provide bridge financing to Greece while not putting British taxpayers’ money on the line, Cameron’s spokeswoman said.

The European Commission is proposing to give a 7 billion-euro ($7.7 billion) bridge loan to Greece to cover the country’s financing needs in July using the European Financial Stability Mechanism (EFSM), according to a document from the EU executive.

The proposal to use the EFSM for the bridge loan is controversial because Britain and the Czech Republic are strongly opposed to it.

“We have always been clear that British taxpayers’ money is not going to be used to provide finance for a euro zone Greek deal and that therefore this is a non-starter,” Cameron’s spokeswoman said.

“From the discussions that have been taking place this morning, it’s clear that a number of other countries have concerns about this. I think there are a number of solutions that can be found.”

  1. No Comments.

Go to Top