EU commission proposes controversial short-term funding for Greece

The EU commission has proposed providing Greece with a bridging loan from a bailout fund in spite of strong opposition from London and Prague.

For the short term, the Commission proposed that the €7 billion Greece needs to get it through July come from the European Financial Stabilisation Mechanism (EFSM).

Created in 2010, the EFSM was used to bail out Ireland and Portugal and has not been used since the creation of a permanent bailout fund, the eurozone-only European Stability Me...