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Euro-zone members floated the idea of using the  European Financial Stabilization Mechanism to provide  a  bridge loan for Greece. This is the old fund that involves all 28 European Union members and not only the euro-zone.

The idea, raised by the European Commission, has angered the UK. Chancellor  George Osborne called his German colleague Schaeuble to  kill the idea before it  became a deal. Using the EFSM requires only a qualified majority, making it easy to tap, but politically  damaging, as it may strengthen the euro-skeptics.

According to the Greek deal, bridge funding would be allocated in a short time in order for the  debt stricken country to pay the IMF and the ECB.  Greece is already at arrears with the IMF and owes the ECB some 3.5 billion euros.

The Greek crisis is far from over. After conceding to the absurd demands from Germany, Prime Minister Alexis Tsipras faces trouble at home. He will find it hard to gather support from his own party and his coalition partner ANEL.

Revelations by former finance minister Yanis Varoufakis show that the Eurogroup was never negotiating with goowill.

Greek crisis – all the updates

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