The European Commission and Berlin are at odds concerning how close Greece is to reaching an agreement with the four institutions (EC, ECB, IMF and ESM).

Berlin insists that a bridge loan is just one of the options for Greece whereas the European Commission is pushing for an agreement by August 20.

German Chancellor Angela Merkel’s representative Steffen Seibert said that negotiations for the third bailout package of a 3-year duration should not be rushed.

European Commission representative Natasha Bertaud said on Monday that representatives of the four institutions (EC, ECB, IMF and ESM) are working day and night to reach an agreement with the Greek authorities. She pointed to meetings held throughout the weekend with a focus on the drawing of a list of the prior actions that the Greek government should implement and that it is possible for the deal to be reached prior to August 20.