Eurozone backs €7bn bridging loan

Jul 16, 2105

Eurozone ministers have agreed to give Greece a €7bn (£5bn) bridging loan from an EU-wide fund to keep its finances afloat until a bailout is approved.

The loan is expected to be confirmed on Friday by all EU member states.

In another development, the European Central Bank (ECB) agreed to increase emergency funding to Greece for the first time since it was frozen in June.

The decisions were made after Greek MPs passed tough reforms as part of a eurozone bailout deal.

How generous of the finance ministers of all those EU member states to agree to a "bridge loan" that will help Greece "keep its finances afloat". This should provide the people of Greece with a bit of breathing room, right? Maybe access to their bank accounts (finally!), perhaps?

No, not at all. Here's what the entirety of the ""loan"" will go towards instead:

The bridging loan means Greece will be able to repay debts to the ECB and IMF on Monday.