French deny EU report of possible loan for Greece

July 13, 2015 02:21

BRUSSELS- Two official French sources denied a report by a senior European Union official on Monday that France could give Greece a bilateral loan to help it over an immediate funding crunch pending agreement on a third bailout for Athens.

The EU official said a bilateral loan from Paris was one option under discussion to help raise some 7 billion euros that Greece needs by July 20 to avoid defaulting on a bond redemption to the European Central Bank, which could force the ECB to end funding for Greek banks.Other options included paying out about 3.4 billion euros in profits from the ECB's holdings of Greek bonds that were returned to member states, and tapping a 60-billion-euro fund held at the European Commission known as the European Financial Stability Mechanism, the official said.

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