July 18, 2012, 11:00 am

Greece needs bridging loan, scrambles for more cuts

Reuters | Greece’s coalition government will seek a bridging loan to tide it over while it scrambles to find 11.7 billion euros of spending cuts to bring a derailed bailout plan back on track and appease exasperated international lenders.

The measures must be submitted for approval by July 24, when auditors of the so-called “troika” of the European Union, the International Monetary Fund and the European Central Bank are expected to return to Athens for a check-up mission.
The visit, and subsequent haggling that is expected to last until September, will determine whether the EU and IMF continue bank rolling Athens or abandon it and let it slide towards chaotic default and eventual exit from the euro zone.

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