14 days left to avert next Greek crisis

Only 14 days is remaining before another Greek crisis hits everyone. Greek officials and creditors are in talks in Athens in a bid to unlock a third bailout, worth €86 billion for three years. € 7.16 billion has already been disbursed as bridge arrangement, which was used to avert default over European Central Bank (ECB) loan and to repay IMF and Bank of Greece.

According to European Commission, talks in Athens have not turned sour or finding difficulties, and on the contrary it has remained progressive.

Greece is scheduled to pay back ECB €3.5 billion on August 20th, which if goes unpaid is likely to prompt ECB to withdraw Emergency Lending Assistance (ELA) lifeline, which has kept Greek banks afloat.

However according to the same optimistic commission, a deal by August 20th is possible but ambitious.

As of now it is not clear, whether Greek government has enough cash to payback ECB or deal money is required. Focus will soon turn on the matter as the date closes in.