BUSINESS

Schaeuble says bridge loan will be a challenge

TAGS: Finance, Euro

German Finance Minister Wolfgang Schaeuble says "it will be a challenge" to get Greece a quick loan it can use to avoid defaulting on a debt due next week, on July 20.

He says, however, that a loan needs to be found this week "if a dramatic situation is to be avoided on Monday."

Schaeuble suggested Tuesday that one solution could be to get the European Union's executive branch involved, possibly using funds from the EU budget.

Schaeuble said there's "nothing to prevent any country from voluntarily providing money to Greece for bridge financing."

He also dismissed suggestions that Greece will struggle to raise 50 billion euros from its own assets, including from privatizations, as part of the rescue deal.

[AP]

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