Multi-speed Europe

In an opinion article in Bloomberg, economist Ashoka Mody argues that it is Germany that should leave the Eurozone and not Greece. Mody claims that countries with so divergent economies should not have entered into a common currency union in the first place.

The EU approved a short-term bridge loan of EUR 7.16 B to Greece, which will allow the country to meet debt repayments to the IMF and ECB, while the agreement on a third bailout is still being ratified.

European Commission Vice-President for the Euro Valdis Dombrovskis announced that all 28 EU member states backed the agreement on a bridge loan, daily Kathimerini reports.

The European Economic and Financial Affairs Council (Ecofin) has approved a 7.16 bln-Euro bridge loan to Greece, which will allow the crisis battered country to cover its overdue debt obligations over the next 3 months to the IMF, the Bank of Greece and the ECB.

Jean Asselborn, Minister of Immigration and Asylum of Luxembourg, has expressed deep skepticism about the possibility of even a partial accession to Schengen of Bulgaria.

French lawmakers approved the new Greek rescue package on Wednesday with Prime Minister Manuel Valls saying the controversial bailout-for-reforms deal was the only way out of the crisis.

The European Commission (EC) is proposing to grant EUR 7 B bridge loan to Greece in order to cover the country's financing needs in July.

The funds will be provided through the European Financial Stability Mechanism (EFSM), daily Kathimerini reports.

Bulgaria seeks to secure partial Schengen membership by October, according to Meglena Kuneva, Deputy Prime Minister for European Policies Coordination and Institutional Affairs.

Kuneva and Hristo Ivanov, Bulgaria's Justice Minister, have arrived in the Netherlands for a one-day working visit.

The bailout plan pledged by the Eurozone leaders to Greece could reach EUR 86 B over three years, German Chancellor Angela Merkel said on Monday.

Eurozone finance ministers are due to convene early this afternoon following their emergency meetings on Saturday and Sunday and a 17-hour European Council of leaders from Sunday afternoon until Monday morning. Following the frenzy, the finance ministers will examine ways to ensure bridge financing for Greece while details of a third bailout package for Greece are penned.

Eurozone leaders have unanimously reached an agreement on Monday to grant a European Stability Mechanism (ESM) programme to Greece on conditions that Athens will carry out serious reforms.

European Council President Donald Tusk announced the news after seventeen hours of negotiations, the Guardian reports.