No talks on third Greek bailout yet: eurozone ministers

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No talks on third Greek bailout yet: eurozone ministers

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There will be no talks on a possible third bailout for Greece before August, a senior eurozone official said on Monday.

Eurogroup president Jereon Dijsselbloem told reporters in Brussels that said Athens has enough funding to last until then.

The Greek government has received access to 240 billion euros in aid since 2010.

“The Greeks will be financed on the conditions of the current programme if they fulfill them they will be financed right up to August. So, then, in August we will talk about the future,” Dutch Finance Minister Dijssebloem.

Officials are discussing the next step in strengthening Europe’s banking sector.

Ministers must agree on the details of how a common resolution authority could step in when banks get into trouble.

German Finance Minister Wolfgang Schaeuble said: “Of course there is space for compromise, but the basic agreement is not subject for negotiations.”

Winding down sick banks will be financed by contributions from lenders across the eurozone.

This will eventually amount to a 55 billion euro backstop after 10 years.

OECD Secretary General Angel Gurria warned that whilst the so-called banking union is important, he cautioned against “rushing” to finish the job.

“I think we should give these things enough time. They are too important to be rushed,” he told euronews.

The idea of the banking union is to make taxpayer rescues of banks a thing of the past.