ECONOMY

Greece has backup plan if March bailout cash fails to arrive, says Varoufakis

The Greek government has a backup plan if a portion of a 7.2 billion euro bailout tranche is not dispersed in March, Finance Minister Yanis Varoufakis said late on Wednesday.

Speaking at an event marking the 130 years of the French-Hellenic Chamber of Commerce, Varoufakis noted that if certain progress was achieved on the technical level, the European Central Bank would start accepting Greek bonds once again as collateral for providing liquidity to local lenders.

Varoufakis insisted there are no discussions regarding a third bailout.

The minister confirmed he will present a series of reform proposals to his eurozone counterparts at a Eurogroup meeting on Monday.