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European lenders have delivered a deal, to avert any disorderly exit of Greece from Euro zone. The package proposed by lenders is much larger at € 86 billion than € 53.5 billion asked by Greek Prime Minister Alexis Tsipras.
The deal remains yet to be sealed as Greek parliament needs to pass set of reforms such as activating independent fiscal watch dog along with vital pension and tax reforms to begin negotiation on the proposal.
As Greek parliament debates the proposal Euro group finance ministers prepare to decide on the responsibility/burden on the members.
Who will pay what?
- Euro zone's bailout fund will put between € 40-50 billion, which means Germany and France will bear most of the burden.
- IMF is expected to be asked to contribute €16 billion to this rescue.
- That leaves €20-30 billion funding gap, which is likely to come from Greek assets to be privatized and from bond sales by Greek government.
Today Euro zone finance ministers' are discussing measures to provide short term financing in tune of €7-12 billion to avoid any default to European Central Bank (ECB) on July 20th.
