Negotiations have begun on a third bailout package for Greece worth between €30bn and €50bn, the Spanish economy minister said on Monday.
“We are negotiating a third rescue for Greece,” Luis de Guindos told a conference in Pamplona. The minister added that the Spanish government, which has been locked in a war of words with Athens in recent days, would contribute 13-14 per cent of the bailout. The accord would provide for “flexibility” and would include fresh conditions for Greece.
Mr de Guindos, one of the frontrunners to take over the presidency of the eurogroup of finance ministers this year, added: “Greece will not leave the euro. It would not be good for Europe and not for the monetary union either . . . For Greece, there is no alternative to European solidarity.”