July 15, 2015 / 12:07 PM / 4 years ago

GREECE LATEST-Germany: there must not be a Greek haircut via the backdoor

July 15 (Reuters) - Following is the latest news on Greece’s debt crisis. All times are in GMT.

Wednesday

1153 - German spokesman says fiscal, structural reforms, growth can achieve Greek debt sustainability; says extending debt maturities is an option but there must not be a haircut via the backdoor.

1123 - German spokesman says leaders knew of IMF assessment at weekend: says talks on short-term liquidity for Greece are ongoing; one option is for Greek government to issue IOUs for domestic payments

1104 - UK’s Cameron says IMF is right about Greek debt relief, but it is not for Britain to bail out a euro zone country

1035 - EU working on guarantees, collateral to ensure non-euro states do not lose money in any bridge finance to Greece -Dombrovskis

1027 - EU’s Dombrovskis says EFSM best for short-term Greek financing; working on ways to protect non-euro zone states

1016 - Greek deputy finance minister Valavani tells Tsipras she is resigning from the government.

1013 - UK official says Britain wants to be constructive on bridge finance for Greece, needs guarantees for taxpayers

0946 - Greek energy minister Lafazanis says he won’t vote this evening for measures demanded for third bailout.

0856 - European Commission proposes a 7 billion euro bridge financing loan to Greece for this month if Athens adopts agreed set of reforms.

0844 - European Commission says uncontrolled Greek collapse would create significant doubts about the integrity of the euro zone.

0806 - Greece’s parliament speaker, Zoe Constantopoulo, speaking as a member of the ruling party, urges lawmakers not to agree to the austerity package, calling it “blackmail”.

Tuesday

1701 - White House says President Obama has spoken to European leaders and welcomed the Greek deal as a positive step.

1609 - Greek finance ministry submits to parliament a bill, required under Monday’s deal with lenders, that Prime Minister Tsipras must get adopted by Wednesday night. Among other measures, it regulates pension reform and increases in value added tax.

1523 - Greece says it has received three bids for deep sea oil and gas drilling in western Greece and south of the island of Crete.

1503 - Greek PM Tsipras will not resign, and will probably reshuffle the cabinet after parliament votes on the bailout package on Wednesday evening, a government official says.

1343 - Bank of England Governor Mark Carney says any adjustment to Greek debt should reflect the IMF’s preferred creditor status.

1321 - Euro zone decision-makers knew of the IMF’s latest analysis of Greek debt sustainability on Saturday, two days before reaching an agreement on a third bailout for Athens, an EU official says.

1245 - The European Commission will recommend providing Greece with bridge financing over the next month through the European Financial Stability Mechanism (EFSM), in defiance of strong British and Czech objections, EU officials say.

1202 - President Francois Hollande uses his annual Bastille Day message to the French to launch the idea of an elected assembly for the 19-nation euro zone.

1154 - Tsipras will probably make a cabinet reshuffle on Wednesday, Greece’s economy minister says, as the leftist government tries to secure backing for a third bailout amid signs of splits within the ruling party.

1146 - Greece will need debt relief far beyond what euro zone partners have been prepared to consider due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund, seen by Reuters, shows. It says the alternative for euro zone creditors is either annual transfers to the Greek budget or “deep upfront haircuts”.

1116 - German Finance Minister Wolfgang Schaeuble says it will take at least four weeks to agree a bailout programme and until that happens, risks remain. To avoid major problems, short-term financing must be in place by Monday. Schaeuble says some in the German government would have preferred a temporary Greek exit from the euro zone.

1114 - The head of Greek opposition party To Potami says his group will support PM Tsipras’ bailout deal in parliament but rules out joining a government led by the leftist Syriza party.

1045 - The European Stability Mechanism bailout fund will contribute between 40 and 50 billion euros ($44-1-55.1 billion) to a three-year package for Greece to cover financing needs of 82 to 86 billion euros, a European official says.

0950 - Greece may have avoided crashing out of the euro for now by agreeing to creditors’ demands for sweeping reforms in return for cash, but economists are split on whether the deal is good for either party or even if ‘Grexit’ is off the table. A Reuters poll of nearly 60 economists conducted in the 24 hours after news of the agreement broke showed they were sceptical whether the deal was good for both Greece and Europe.

0934 - Bank of England’s Carney says deal has “big execution risks”, will require Herculean efforts on all sides, debt not sustainable in current form. Way deal was reached underscores euro zone’s institutional shortcomings.

0902 - Austrian Chancellor Werner Faymann says a deal with international creditors to stave off bankruptcy gives Athens a chance but a Greek exit from the euro zone is still possible.

0833 - Euro zone finance ministers will hold a telephone conference to discuss Greek bridge financing on Wednesday, Austria’s finance minister says.

0814 - The junior coalition partner of Greek Prime Minister Alexis Tsipras - the right-wing Independent Greeks - pledged to continue support for the government but indicated it would only vote for bailout measures agreed before last weekend’s summit in Brussels.

0812 - Greece made an 85 million euro ($93.5 million) payment on a yen-denominated bond maturing on Tuesday, a government official told Reuters, averting a default on government debt held by private investors.

0722 - German Bund yields dipped on Tuesday as financial markets remained wary of the hurdles Greece needs to clear to receive vital financial aid from the euro zone.

0706 - Greece’s parliament will pass legislation required for a new financial aid package from Europe’s rescue fund despite dissenting views from some ruling party deputies, the country’s interior minister says.

0655 - British finance minister George Osborne has ruled out any financial involvement in a fresh bailout for Greece after suggestions that a mechanism backed by the whole European Union could provide bridge financing for Athens.

0548 - The junior partner in Greece’s ruling coalition will continue to support the government but there are limits to its support, a party spokeswoman says. The spokeswoman of the Independent Greeks Marina Chrysoveloni also rules out joining a coalition government with two opposition parties. (Compiled by Jeremy Gaunt/Ruth Pitchford)

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