“The timetable for the negotiation process over the third rescue package for Greece is difficult to be met,” German news magazine Focus said, citing a German officials’ assessment.
Consequently, as it is noted, the German Parliament meeting that had already been planned for mid-August should be deferred.
“Analysts criticize that the negotiations timetable followed by the European Commission is extremely pressing,” the report continued, explaining that the whole process should be completed by August 10 and 11, when the Finance Ministers will give their consent before the agreement is ratified by the parliaments of Eurozone member-states and voted by the Greek Parliament.
“This delay can cause serious payment problems in Greece, as the Greek government has to pay 3.2 billion euros to the European Central Bank (ECB) by August 20,” the article said, revealing that some European Commission circles have already been seeking for new financial sources.
Analysts also estimate that there will be a new capital injection by the European Financial Stability Facility (EFSF), however, “it would be difficult, taking into account that the European Union member-states that are outside the Eurozone may seek for exemptions on guarantees level again”, the magazine concluded.
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