No Loans to Greece Without New Bailout Agreement

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Greece will not receive the financial assistance under the European Financial Stability Facility (EFSF) as the program expires on June 30 without any new agreement, the European Stability Mechanism said on its website Tuesday.

MOSCOW (Sputnik) — Greece will not receive the financial assistance under the European Financial Stability Facility (EFSF) as the program expires on June 30 without any new agreement, the European Stability Mechanism said on its website Tuesday.

"The Greek financial assistance programme of the European Financial Stability Facility (EFSF) expires tonight at midnight CET. As a result, the last EFSF loan tranche of €1.8 billion will no longer be available for Greece and the €10.9 billion in EFSF notes to cover the potential cost of bank recapitalisation or bank resolution in Greece will be cancelled," the ESM said in statement.

Demonstrators gather to protest against the European Central Bank's handling of Greece's debt repayments in Trafalgar Square in London, Britain June 29, 2015 - Sputnik International
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Greece's aggregate debt exceeds $350 billion, of which $270 billion is owed to the European Central Bank (ECB), the International Monetary Fund (IMF) and the European Commission.

By midnight on Tuesday, Greece was due to transfer the next $1.7-billion repayment to the IMF, before the current aid package expires. However, earlier in the day Finance Minister Yanis Varoufakis said that Greece would not make the IMF payment.

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