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ARTICLE · 03 AUGUST 2015

Sovereign Debt Update - July/August 2015

Jones Day
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On July 16, 2015, the finance ministers of the 19 eurozone countries agreed to "grant in principle" a third bailout package for Greece that could total €86 billion ($94.5 billion).

GlobalInsolvency/Bankruptcy/Re-Structuring
Mark Douglas
Mark Douglas
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Greece

On July 16, 2015, the finance ministers of the 19 eurozone countries agreed to "grant in principle" a third bailout package for Greece that could total €86 billion ($94.5 billion). Those ministers were joined by their counterparts from the remainder of the 28-nation European Union (the "EU") in agreeing to give Greece short-term loans of as much as €7 billion to meet its immediate needs. In addition, the European Central Bank (the "ECB") expanded an emergency line of credit for Greece's banks by €900 million, to total nearly €90 billion. Greek banks, which had been closed on June 29, finally reopened on July 20.

As of the end of July, it was far from clear that Greece would actually receive its third bailout package in five years and remain a member of the eurozone. The answer to those questions depends in part on whether the Greek government can get Greeks to stomach yet another round of wildly unpopular austerity measures and tax increases.

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