Germany Doubts Greek Bailout Deal Will Be Finalized by August 20 Deadline

In two weeks, Greece is due to pay off a $3.8-billion debt to the European Central Bank. Last month, Athens received a bridge loan from the Eurozone to repay a previous installment of the debt, meaning it might need more emergency financial assistance to meet the August 20 deadline.

MOSCOW (Sputnik) — The German government doubts that a deal on the third bailout package for Greece will be finalized by August 20, a source in the government told the German daily Bild on Thursday.

According to the Bild’s source, the German government believes Greece will need another bridge loan because a deal on the 86-billion-euro ($93.6 billion) package will not be fully agreed on time.

Doubts remain about Greece’s proposed reform package, Bild writes, adding that the final bailout agreement needs to be ratified by the Greek parliament and legislatures in six Eurozone countries before it can come into force.

"That is not possible," the government official was quoted by Bild as saying.

Greece’s creditors from Eurozone countries, the European Central Bank and the International Monetary Fund (IMF) have been in intensive talks with Greek officials for a week already. Germany has maintained a tough stance on Greece's debt throughout the negotiations, ruling out any haircuts proposed by the IMF.