Greece to repay ECB loan

ECB agreed to give €7bn loan to Greece last week, and the country should be able to pay the ECB €3.5bn debt redemption due on Monday. On top of that, the Greek government should settle the IMF missed payments (€1.54bn in June and the €0.45bn from last Monday) and the €0.45bn arrears to the Bank of Greece (SDR money used to pay back the IMF in May). 

As part of the deal, the Greek government committed to drawing up a first proposal for de-politicising Greek administration under the guidance of the EU Commission by Monday next and agreed it would seek Greek parliament approval of the Code of Civil Procedure (overhaul of the civil justice system) as well as transposition of the Bank Resolution and Recovery Directive (BRRD) by Wednesday 22 July, says Societe Generale.