The European Union is rushing emergency funds to Athens to keep Greece afloat after the country was given another chance to build a future in the euro area.

Valls said the eurozone is considering measures to help Greece, including lengthening the payback period on its debt or lowering the interest rate.

Greece’s finance ministry says the draft bill needed to start talks on Greece’s third bailout has been submitted to Parliament.

The European Commission on Wednesday proposed giving Greece a three-month 7.0 billion euro bridging loan through an EU-wide crisis fund until its new bailout is ratified, despite resistance from Britain and Germany. If that were to happen, the cash would instead come from the profits made on holdings of Greek bonds by the European Central Bank.

Under the rescue package, Greece will get its loan through the European Financial Stability Mechanism (EFSM), which borrows against the EU budget of which the United Kingdom contributes 14% or around £850m.

The statement, signed by 109 of the committee’s 201 members, says the agreement was “the result of threats of immediate financial strangulation” and is a new bailout with “humiliating terms of supervision, destructive for our country and its people”.

The new bailout deal fuelled anger among Greek prime minister Alexis Tsipras’ party, with promiment members inclduing energy minister Panagiotis Lafazanis and former finance minister Yanis Varoufakis voting against the austerity bill.

The agreement to negotiate a bailout won’t be enough to keep the euro region together unless Greece’s creditors also lower the country’s debt burden to boost its growth prospects, Lagarde said in a radio interview broadcast Friday.

Speaking in Brussels, Commission vice-president Valdis Dombrovskis said that use of the EFSM was “the best possible avenue” to enable Greece to meet its obligations, but acknowledged that it was “not an easy option” and had sparked “serious concerns” among several European Union states outside the single currency area.

The fund became notorious in 2010 when, in the weekend after the general election, Alistair Darling allowed it to help finance bailout cash for Portugal and Ireland – despite Mr Osborne’s reluctance.

A European official confirmed the “fierce opposition” by Mr. Osborne to the idea at the finance ministers’ meeting Tuesday. “It is the end of the most acute phase”.

The European Commission published on Wednesday its assessment of Greece’s bailout request, taking a different view of Athens’ debt sustainability than the International Monetary Fund, but also signalling a possibility of debt relief.

British Prime Minister David Cameron believes a solution can be found to provide bridge financing to Greece while not putting British taxpayers’ money on the line, Cameron’s spokeswoman said. “We need to address this political difficulty”.

After intensive negotiations in Brussels, Mr Osborne said an “impregnable ring-fence” had been created to ensure British funds – and those of other non-eurozone states – are not put at risk.