The Economic and Financial Affairs Council (ECOFIN) approved a 7.1-billion-euro bridge loan to Greece on Friday. The loan will be given through the European Financial Stabilisation Mechanism (EFSM) and is meant to finance Greece’s short-term obligations, including a 3.5-billion-euro bond payment to the European Central Bank (ECB) on Monday. The loan will be given in two instalments and will have to be paid back in three months.
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