Greece is on track to begin negotiations on a third bailout package. Finland, one of Greece’s most hardline negotiating partners during the past weekend, authorized its government to engage in negotiations on the European Stability Mechanism (ESM) bailout package for Greece as well as a bridge loan that will cover the country’s short term needs. “Grand Committee of the Finnish Parliament gives the government a mandate for bridge financing and beginning of ESM-negotiations on #Greece,” Finnish Finance Minister Alexander Stubb tweeted. Reports had surfaced on Sunday that Finland would not support a third bailout package for Greece. According to Thursday reports, the European Financial Stabilisation Mechanism (EFSM) granted a 7-billion-euro bridge loan to Greece in order to cover its financial obligations for the next three months. Greece will pay the loan back at the end of the three-month period using money from the ESM bailout package. Greece has to pay the European Central Bank (ECB) 3.5 billion euros of bonds on July 20. On Wednesday, the French Parliament also authorized its government to begin negotiations on Greece’s bailout.
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