Financial Times
June 5, 2011
International lenders are close to a deal to wind down Greece’s existing €110bn ($161bn) bail-out programme and launch a new rescue by the end of the month but must still overcome differences on how much private bondholders will contribute.
Under current outlines, the rescue – which could top €95bn after the new programme is added to the last two years of the existing bail-out – would see most lending come from the International Monetary Fund and the eurozone’s €440bn special fund.
The current Greek bail-out was agreed before the €440bn fund existed, relying instead on direct loans from eurozone governments, giving each national capital significant power to veto quarterly aid tranches.
Under the new plan the decision to disburse each tranche would be centralised under a “troika” of the IMF, European Commission and European Central Bank, largely cutting out national capitals.
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