BRUSSELS (Reuters) - Euro zone governments are to provide Greece with 80 billion euros in three-year loans, while the International Monetary Fund will provide another 30 billion.
Different legal procedures in each of the 15 other euro zone countries and the IMF mean not all players may be ready with cash at the same time.
But the European Union’s executive European Commission said Greece would get the first funds before May 19, when it has to repay 8.5 billion euros of maturing debt, because by that time a critical mass of funds would be available.
While no euro zone country can be forced to lend to Greece, no country can block others from lending either, the European Commission has said. So a delay or even a parliamentary problem in one country does not stop the process in others.
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 30 billion euros; the International Monetary Fund’s executive board will meet on Sunday, May 9, to act on Greece’s request for a $40 billion standby arrangement, a fund spokesman said on Tuesday. The IMF is fast-tracking financial aid for Greece.
GERMANY - 22.34 billion euros. Through accelerated parliamentary proceedings, Germany wants to approve a law to lend to Greece on Friday, May 7.
The first reading of the draft law, approved by the German government on Monday, is on Wednesday. Two more readings in the lower house of German parliament will follow on Friday, followed by a vote. The law will then go to the upper house, which will also vote on it on Friday.
Any legislation for Greek aid needs a simple majority.
Upper house approval could delay the passage of the bill if there is a call for mediation to amend it. Were the amended bill to be rejected by the upper house, the lower house could overrule the upper house.
The opposition Social Democrats (SPD) have threatened to hold up the fast-track parliamentary process to permit further debate on the Greek aid, which most German voters oppose. However, the party is not against aid for Greece in principle.
FRANCE - 16.77 billion euros. France’s lower house of parliament approved on May 4 the French aid package for Greece for the next three years. The main government and opposition parties voted together to support the project and the upper house Senate is expected to give its approval by May 7, opening the way for the release of 3.9 billion euros in French funding to Greece this year.
ITALY - 14.74 billion euros. A treasury source said last week that an emergency government decree was ready but gave no indication of when it would be approved by the cabinet. It is likely to be approved at one of the next weekly cabinet meetings which normally take place on Fridays.
Once approved by the cabinet, the decree becomes immediately effective, but it must then be endorsed by parliament within 60 days or else it expires. There is no risk of parliament’s not approving it.
SPAIN - 9.79 billion euros. Spain’s aid for Greece will be approved at a cabinet meeting on May 7. The decree law then will have to be approved in parliament.
NETHERLANDS - 4.7 billion euros. Parliament is to discuss the law on May 7. Approval is needed from both houses of parliament, though a majority of MPs have already said they would back the aid plan.
BELGIUM - 2.86 billion euros. The Belgian government has already approved the text of a draft law, which a government spokeswoman said could be passed by parliament relatively quickly. However, because of a new government crisis other, unspecified options, may be explored, the spokeswoman said. Belgium expects to have approval for the disbursement of the money at the same time as other euro zone countries.
AUSTRIA - 2.29 billion. The government sent a law to parliament under the accelerated procedure on May 5.
PORTUGAL - 2.06 billion euros. Parliament due to vote on a bill on loans to Greece on May 7.
FINLAND - 1.48 billion euros. Parliament will vote on a bill on loans to Greece on May 12. There has been no indication from the majority 4-party coalition that the loan would not be approved.
IRELAND - 1.31 billion euros. Ireland’s participation requires national legislation and the government has approved the preparation of this legislation.
SLOVAKIA - 820 million euros. Slovakia will vote on financial aid for Greece only after its June 12 general election.
SLOVENIA - 390 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.
LUXEMBOURG - 210 million euros.
CYPRUS - 160 million euros
MALTA - 70 million euros.
Reporting by euro zone bureaux, compiled by Jan Strupczewski; Editing by Tony Austin
Our Standards: The Thomson Reuters Trust Principles.