Greece to repay the ECB and the IMF

The Greek government should settle the IMF missed payments, i.e., €1.54bn in June and the €0.45bn from last Monday and the €0.45bn arrears to the Bank of Greece. 

Greece should be able to pay the ECB €3.5bn debt redemption, due to the €7bn bridge loan agreed last week, which is due on Monday. 

Last week's deal followed by the vote at the Greek and other national parliaments enabled the opening up of the formal negotiation process for a third bailout. According to the ESM, it may take up to four weeks to have the three-year programme ready. 

"Risks that this will take longer are high, however. In particular, according to the EU Commission, Greece's borrowing needs are close to €80bn, of which €40bn to €60bn is likely to come from the ESM and the remainder from the IMF", says Societe Generale.