The Latest: Italy Says Only 3 States Sought Greek Compromise

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


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.

He concedes it's going to be difficult for eurozone members to offer cash without any conditions attached. But he adds: "never underestimate the capacity of European lawyers and economists to come up with a solution."

Stubb says it's probably "impossible to back down at this stage" and that it's possible Greece may get bilateral loans. He also says creditors could extend the dates by which Greece has to pay its debts to when the country gets the bailout loans from a new rescue package.


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.

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