Britain May Face £1bn Bill For Greek Rescue

According to sources in Brussels, the European institutions are considering activating the European Financial Stability Mechanism (EFSM). Although the country secured agreement to begin talks on a new bailout early on Monday morning, it still needs cash to pay its bills in the coming months, including a €3.5bn payment to the European Central Bank on 20 July. European Commissioner for Economic and Financial Affairs, Pierre Moscovici, said there was a working group studying the options for where