What does a bailout exit with a precautionary credit line mean for Greece?

Photo by MacroPolis
Photo by MacroPolis

Eurogroup President Jeroen Dijsselbloem announced after the November 6 Eurogroup that “there is a strong support for a precautionary credit line in a form of Enhanced Conditions Credit Line (ECCL).” But what does this mean for Greece?

This is quite different from the hybrid credit line proposed by the Greek Finance Minister Gikas Hardouvelis, which would consist of a new credit line to be established specifically for Greece with the untapped 11.5 billion euros of untapped bank recapi...

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