Assuming there are no complete breakdowns or abrupt U-turns among Greek and/or German lawmakers, it appears as though formal discussions on the new Greek bailout package will commence and, in all likelihood, the country will enter a new €86 billion program.
A large portion of the funding will come from the ESM – Europe’s rescue fund. On Tuesday, the ESM sold €2 billion worth of bonds via its dealer group. Nothing too notable about that.