BRUSSELS, April 26 Euro zone governments say
they stand ready to provide Greece with 30 billion euros of
emergency three year loans, while the International Monetary
Fund may provide some 10-15 billion euros more.
But how soon Greece gets the money depends on legal
procedures in each of the 15 other euro zone countries and the
IMF. Greece has limited time because it needs to pay back 8.5
billion euros in maturing debt on May 19.
Below is an overview of how much donors would contribute,
dependent on their shares in the capital of the European Central
Bank, and the legal hurdles the loans face:
IMF - up to 15 billion euros; IMF officials have said the
Europeans want IMF financing not to exceed a third of any total
When a member country seeks an IMF loan, the Fund dispatches
a mission to reach an agreement with the country on an economic
programme. An IMF mission began talks in Athens last week. The
IMF has declined to give an end date for the talks, but has said
it can move quickly if needed.
Once a programme is agreed, IMF loans need the approval of
the IMF management and board.
GERMANY - 8.4 billion euros. By adopting accelerated
parliamentary proceedings, Germany could approve a law to bail
out Greece on Friday, May 7, according to Finance Minister
Any legislation for Greek aid would need a simple majority
in a vote by the lower house of parliament. It may also require
approval from the upper house, depending on what kind of bill
the government drafts.
If upper house approval is required, it could only delay the
passage of the bill by calling for mediation to amend it. Were
the amended bill to be rejected by the upper house again, the
lower house could overrule the upper house.
The opposition Social Democrats (SPD) have threatened to
hold up the fast-track process to permit further debate on the
Greek aid, which most German voters are opposed to. However, the
party is not opposed to aid for Greece in principle.
FRANCE - 6.3 billion euros. The package needs approval by
both houses of parliament. The bill is set to be given
fast-track treatment and the government hopes it will be passed
into law by May 10. Some 3.9 billion euros can be mobilised in
2010. The rest would come later. President Nicolas Sarkozy's
centre-right allies say they support the bill. Opposition
leftist parties have said nothing, suggesting they won't create
ITALY - 5.5 billion euros. The contribution will be
authorised by a government decree, which comes into force
immediately after it is approved by the cabinet. The decree
needs to be approved by both chambers of parliament within 60
days. An Italian Treasury official said last week that the
government was readying the decree but gave no details on the
SPAIN - 3.7 billion euros. Needs to be approved in
parliament to be disbursed although the government has not yet
provided any date for when it will be presented for approval and
Deputy Prime Minister Maria Teresa Fernandez de la Vega said
last week the country was ready to release the money for Greece
NETHERLANDS - 1.8 billion euros. Approval is needed from the
both houses of parliament, though a majority of MPs have already
said they would back the aid plan. The finance ministry says it
will notify parliament the aid is needed after the EU and IMF
complete their review in Greece. As soon as the next day the
government will submit a supplementary budget bill to parliament
with the aid request. It is expected that parliament could act
on the bill in as soon as a couple of days.
PORTUGAL - 770 million euros. Finance Minister Fernando
Teixeira dos Santos has said the loan for Greece would be
presented to parliament for approval. No date has been set yet
for when that will happen.
FINLAND - 550 million euros. The loan, part of a
supplementary budget proposal, is due to be discussed by
parliament in early May. There has been no indication from the
majority 4-party coalition that the loan would not be approved.
SLOVENIA - 144 million euros. The aid is expected to be
approved by parliament in late May or early June. The government
had said all procedures needed to give aid would be finished by
the end of June at the latest. The ruling coalition is expected
to back the Greek aid legislation in parliament which should be
sufficient even if opposition parties vote against it.
(Reporting by euro zone bureaux, compilied by Jan
Strupczewski; Editing by Ron Askew)