The European Commission will recommend providing Greece with bridge financing over the next month through the European Financial Stability Mechanism (EFSM), in defiance of strong British and Czech objections, EU officials said on Tuesday. Greece needs to borrow 7 billion euros (5 billion pounds billion) in July and another 5 billion in August to pay its obligations to the European Central Bank and the International Monetary Fund. Meanwhile it needs to pay back loans to the ECB and IMF next Monday.
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