The European Stability Mechanism, the euro zone's bailout fund, decided on Friday formally to open negotiations with Greece on a third bailout programme that could total 86 billion euros ($93.3 billion) over three years, the fund said in a statement. The decision ends a stormy week of negotiations, organising bridge financing by the euro zone and rushing through of reforms by the Greek parliament to avoid a Greek default on the European Central Bank on Monday, July 20. "This... decision paves the way for the institutions to negotiate a Memorandum of Understanding (MoU) detailing the agreed macroeconomic reforms, or policy conditionality, linked to the ESM financial assistance facility," the ESM said.
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