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Even a Syriza victory will thus probably lead in the first place to negotiations. While these are taking place, there would be no bail-out money to fill the hole in Greece’s primary budget (ie, excluding interest). But Greece would still need funding to avoid default, since it must also service debt and redeem maturing bonds, notably one held by the ECB due to be repaid in August. One suggestion is that the Europeans could channel bail-out financing to meet such payments through the “escrow account”, a segregated account at the Bank of Greece set up as part of the second bail-out to ensure that Greece honours its debts. A precedent for this was set in May, after the first inconclusive election, when a payment of
