The Latest: Ireland Says Greece Misstep Was to Delay Deal

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


12:30 p.m.

Timing is everything, says Irish Finance Minister Michael Noonan, and Greece got its timing all wrong during the bailout negotiations.

After the 19 eurozone leaders reached a tentative deal to keep Greece from financial collapse on Monday, Noonan says Greece could have been in a much better situation had it clinched a deal much earlier — like in February, when it faced a first bailout deadline.

He says: "It would have been much easier to settle this last February, and it would have been much easier to settle this a fortnight ago," when Greece shocked its eurozone allies by calling a referendum and seeking to reject their latest proposals.

"From an economic, financial and social point of view it was an absolute disaster, because we all know in democracies that political success and economic success go hand in hand."


12:15 p.m.

The eurozone's top official says it's not easy to find a way to get Greece a short-term cash infusion that will help it meet upcoming debt repayments.

Arriving for Tuesday's meeting of the 28 finance ministers of the European Union, Jeroen Dijsselbloem said discussions will take place over the coming couple of days on how to get Greece so-called bridge financing.

Greece does not have the money to make a 4.2 billion euro ($4.7 billion) payment to the European Central Bank on July 20. Greece is also in arrears to the IMF by around 2 billion euros.

It will take about four weeks for Greece to get access to its new bailout program, which was agreed upon in a preliminary deal on Monday.

Dijsellbloem says ministers are looking at all possible instruments and funds but all have "disadvantages or impossibilities or legal objections."


11:35 a.m.

British Treasury chief George Osborne came to a European Union meeting of finance minister with a clear message — don't expect Britain, which is not part of the euro, to pay for any of Greece's rescue money.

After the 19 eurozone leaders reached a tentative deal to keep Greece from financial collapse on Monday, the focus turned to how to get Greece a first, small loan so that it can meet looming debt repayments.

Osborne says Britain, one of the nine EU nations not part of the euro, will be staying out.

He said ahead of an EU finance ministers' meeting: "The idea that British taxpayers are going to be on the line for this Greek deal is a complete non-starter. The eurozone needs to foot its own bill."

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