Greece will probably need less emergency loans than originally agreed in third bailout program - ESM head

Eurozone finance ministers are scheduled to meet in Brussels today to assess Greece's progress in fulfilling the conditions of its bailout. Athens and its European Union and International Monetary Fund creditors are in disagreement over Greece's fiscal targets, debt relief and promised reforms amidst fears that Europe could face a new financial crisis.

Klaus Regling, head of the European Stability Mechanism (ESM) speaking ahead of the meeting said that Greece will probably need less in emergency loans from international lenders than originally agreed in its third bailout program due to a better-than-expected budgetary developments.

German newspaper Bild reported Klaus Regling as saying that at the end of Greece's money-for-reforms package in August 2018, the ESM will "probably have paid out far less than the agreed maximum amount of 86 billion euros" because the Greek budget was developing better than expected.

The International Monetary Fund (IMF) board divided over assessment of Greece's fiscal performance and debt sustainability and its participation remains unclear. Meanwhile, the German government opposes debt relief for Greece as demanded by the IMF, and says the current program can only continue if the Fund joins in.