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EU and IMF experts evaluate Greek assets currently earmarked for privatisation at just 7 billion euros. One diplomat said that was tantamount to turning Greece into a “German protectorate”,
stripping it of more sovereignty. ‘RED LINE’ FOR GERMANY But Merkel declared the matter a “red line” for Germany. For his part, Tsipras demanded a stronger commitment by the creditors to
restructure Greek debt to make it sustainable in the medium-term. That could be his only hope of selling such a deeply unpalatable package to his own supporters and the public. An EU
official said several options were under consideration to give Greece bridging funds once it passed the laws, but no final decision was taken. They included releasing European Central Bank
profits on Greek bonds, tapping an emergency fund run by the European Commission, or bilateral loans from friendly countries such as France. Two French sources denied any bridging loan was
planned. Finance ministers said Greece needed 7 billion euros of funding by July 20, when it must make a crucial bond redemption to the European Central Bank, and a total of 12 billion euros
by mid-August when another ECB payment falls due.
