A short summary of today's developments
Payment to ECB (3.9bn)
2) Wed 22 July
Further requirement for Greek legislation: Civil justice system & banking union (BRRD)
3) 4 weeks
Institutions and Greece negotiate new ESM programme
- German parliament votes 439-119 in favor of Greek aid package and backs bridge financing. Austria. With the relevant parliaments approving the deal, the formal ESM negotiations is said to begin.
- In Greece, reshuffle of government set to be postponed, possibly even after Wednesday's vote.
- In letter to parliament, Schaeuble says IMF won't be involved in first mid-August tranche, but after conclusion of first review in autumn and confirmation of debt sustainability.
- Greek deputy FinMin says that banks will re-open Monday for basic services, and media reports suggest that stock market will follow Tuesday or Wednesday.
The game plan from here
1) Mon 20JulyPayment to ECB (3.9bn)
2) Wed 22 July
Further requirement for Greek legislation: Civil justice system & banking union (BRRD)
3) 4 weeks
Institutions and Greece negotiate new ESM programme
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