The Latest: EU Official Says Eurozone Needs Stronger Ties

The latest on Greece's financial crisis (all times local):


3:55 p.m.

Valdis Dombrovskis, the European Union's euro commissioner, says the Greek crisis has symbolized the need for closer cooperation between the countries that use the single currency.

Dombrovskis says Tuesday that there's a big need to "strengthen the economic and monetary union."

However, he notes that the lack of European market turmoil during the Greek crisis shows that progress has been made over the past five years since the region's debt crisis first exploded.

Dombrovskis says the eurozone's integration efforts since then are having a "positive" effect.

"The eurozone is considered to be more robust to withstand shocks like this."


3:40 p.m.

German Finance Minister Wolfgang Schaeuble says "it will be a challenge" to get Greece a quick loan it can use to avoid defaulting on a debt due next week, on July 20.

He says, however, that a loan needs to be found this week "if a dramatic situation is to be avoided on Monday."

Schaeuble suggested Tuesday that one solution could be to get the European Union's executive branch involved, possibly using funds from the EU budget.

Schaeuble said there's "nothing to prevent any country from voluntarily providing money to Greece for bridge financing."

He also dismissed suggestions that Greece will struggle to raise 50 billion euros from its own assets, including from privatizations, as part of the rescue deal.


3:35 p.m.

Pierre Gramegna, Luxembourg's finance minister, says Europe showed progress in the months of discussions on Greece — which culminated in a 17-hour special summit of the 19 eurozone leaders.

Gramegna, whose country holds the rotating presidency of the 28-country European Union, said Tuesday that the 19-country eurozone handled the Greek crisis in a more "efficient way" than it did five years ago when Greece's debt crisis first exploded.

On Monday, Greece struck a preliminary bailout deal for a third bailout that, if concluded, will see it get enough to pay its debts over the coming three years and secure its place in the euro.

Greece was first bailed out in 2010 and the eurozone has spent much of the time since then making the single currency zone more cohesive.


1:00 p.m.

Italy's finance minister says that only Italy, France and Cyprus supported a compromise deal with Greece, while the rest of the eurozone nations fell in behind Germany's hard-line position.

Pier Carlo Padoan says in an interview published Tuesday in daily Il Sole 24 Ore that he was surprised by how many countries fell in behind Germany, and that "in the end, only we, the French and little Cyprus were for a compromise."

Greece on Monday agreed on a preliminary rescue deal with its fellow eurozone partners. Before it can get loans, it has to implement a string of tough economic measures.

Padoan says, "we avoided the worst. But from today a very complex path, whose outcome can't be taken for granted."


12:50 p.m.

Finnish Finance Minister Alexander Stubb is hopeful a way will be found to help Greece manage upcoming debt repayments to avoid a default.

Stubb, who has been one of Greece's most outspoken critics, says there are up to six ways to get Athens this so-called bridge financing.

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