The European Council has announced a 7.16 billion euro bridge loan for Greece.<br /><br /> Furthermore, the question of debt restructuring – not part of the deal reached between Athens and its creditors earlier this week – is now back on the table.<br /><br /> Valdis Dombrovskis, the EU Commissioner for the Euro said the issue “is certainly back on the agenda.”<br /><br /> Dombrovskis also said that “it was also a clear conclusion by the Euro Summit that there would be no nominal haircut (an agreed percentage reduction in the amount of debt to be repaid to creditors),” Dombrovskis explained.<br /><br /> The International Monetary Fund (IMF) has been insisting that debt restructuring be part of any new financial rescue package for Greece.<br /><br /> IMF Managing Director, Christine Lagarde said “significant restructuring” could “take the form of a re-profiling for Greece.”<br /><br /> “I’m very realistic and we try to be. What we heard loud and clear is that euro area members are not particularly keen to do haircuts,” Lagarde added.
