Greece looks to precautionary credit line to ease out of bailout

Milan, 17 October 2014 (MIA) - Greece’s prime minister said his government is in talks with rescue lenders over a possible precautionary credit line to ease the country’s exit from its EUR240-billion (US$308-billion) bailout program.

Antonis Samaras, speaking to reporters Friday at a summit in Milan, said the credit line was “an item negotiation.” He did not clarify whether the credit line would come from other euro countries or the International Monetary Fund, AP reports. 

The bailout loans from other euro countries end this year, while those from the IMF in 2016.

Samaras has hoped to have Greece stop taking bailout loans at the end of this year.

But amid a global market sell-off this week, Greece has seen its borrowing rates soar, hurting its chances of being able to finance itself on bond markets.