Process for ESM bailout will be 'demanding and complicated', German finance ministry says
The process that will be followed in order for Greece to enter an European Stability Mechanism (ESM) bailout programme will be "very demanding and complicated," the German finance ministry's spokeswoman Friederike von Tiesenhausen said on Monday.
She stressed that it was impossible to predict how long will be needed to complete the negotiations since it was a technical process that could not be "carried out quickly".
If there was a basic decision of the ESM board of governors, the European Commission working with the European Central Bank and, if possible, the International Monetary Fund (IMF), will agree on the terms that must be followed - in other words on the Memorandum - and then there must be agreement on the details of the loan agreement, Von Tiesenhausen said, noting that this will concern details concerning the deadlines etc.
