EU agrees in principle to provide €7bn bridge loan to Greece

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Eurozone finance ministers agreed in principle to extend a 7 billion-euro bridge loan to Greece

European finance ministers held a conference call on Thursday morning to agree on a 7 billion-euro plan to enable Greece to meet its immediate debt service needs and avoid defaulting on the ECB next Monday.

The plan is due to be announced tomorrow once technical details are sorted and national parliaments vote on the bailout deal, an official familiar with the decision said to Bloomberg.

Meanwhile another hurdle vaulted as the Finnish parliament approved the mandate for Greek bailout talks.

If all goes as expected, the ECB could begin to deploy more Emergency Liquidity Assistance (ELA) to Greek banks by the weekend.

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