ECONOMY

ESM bailout fund to offer Greece 40-50 billion euros, says official

esm-bailout-fund-to-offer-greece-40-50-billion-euros-says-official

The European Stability Mechanism bailout fund will contribute between 40 and 50 billion euros ($44-55 billion) to a three-year package for Greece to cover financing needs of 82 to 86 billion euros, a European official said on Tuesday.

Further contributions would come from the International Monetary Fund, which has 16 billion euros still available under a program expiring in March, and potential revenues from privatization of Greek state assets.

Greece should also toward the end of the bailout period be able to raise funds for itself in financial markets, the official said.

[Reuters]