EU seeks final decision on Greek bailout July 11: Rehn

(BRUSSELS) - The EU executive on Thursday urged European decision-makers to put aside differences "at this critical juncture" and agree on a package for a second bailout of Greece by July 11.

As debt-stricken Athens faced trouble on the street and in government, Economic Affairs Commissionerr Olli Rehn said he was confident the 17 eurozone finance ministers would agree at meetings Sunday and Monday on the disbursement of the latest tranche of Greece's first 110-billion-euro ($155 billion) bailout loan.

"I call on all EU decision-makers, and more particularly the finance ministers of the euro area next Sunday, to overcome the remaining differences and come to a responsible agreement at this critical juncture," he said in a statement.

A bid to clinch a deal for a second 105-billion-euro rescue package failed at talks in Brussels on Tuesday, with ministers differing over proposals to make private investors pay a share of the planned bailout.

The ministers are due to meet again on Sunday and Monday in Luxembourg.

But Rehn warned that responsibility also fell on the shoulders of the Greek authorities and its political leaders.

"We expect the Greek parliament to endorse the economic reform programme as agreed by the end of June," he said.

He said it was "regrettable" that efforts to build national unity around the reforms had failed.

"The next days will be critical," he warned.

At the talks being held in Luxembourg the ministers will also discuss the terms of a second bailout for Greece, including the thorny question of private sector involvement, "with a view to taking decisions at the next Eurogroup meeting of July 11", said Rehn.

"By doing so we will avoid the default scenario and pave the way for an agreement on the medium-term strategy," he said.

"It has been difficult, but I strongly believe that with this two-step approach, in agreement with IMF, we can avoid any accident scenario," Rehn added.

An agreement on the fifth tranche would mean funding of the Greek sovereign debt would be ensured until September, while decisions for the medium-term were left to a meeting of the eurozone ministers in July.