A second bridge-loan from the EFSM?

Greece is back in focus as bailout discussions enter their second day today. Representatives of the creditors, Declan Costello of the EC, Delia Velculescu of the IMF, Rasmus Rueffer of the ECB and Nicola Giammaroli of the ESM, arrive in Athens for negotiations today.

Discussions reportedly started with a dispute over the upfront commitments that the Greek government has yet to implement in order to secure three-year financing next month ahead of the 20 August ECB repayment deadline.

"This keeps a second bridge-loan from the EFSM on the table", says Societe Generale. 

On a positive note, the ECB approved proposals for a reopening of the Athens stock exchange (ASE) with no restrictions foreign investors but with limitations for local ones. The Hellenic capital market commission is convene today to decide if the ASE will reopen today or tomorrow.