Brussels, Aug 19 (IANS): The European Union (EU) dismissed reports which warn Greece's financing need will exceed 86 billion euros, the overall sum the country will receive under an Eurozone fund in its fresh bailout plan.

"The possible finance need for the programme is up to 86 billion euros, could in fact turn out to be much less if all goes well," said Annika Bredthardt, spokesperson for EU's executive European Commission, on Tuesday.

"For instance, if when the IMF (International Monetary Fund) comes in with its own programme... if Greece turns to the market... that will decrease the financing need," Xinhua quoted Bredthardt as saying.

The spokesperson commented that the higher figure in some media reports "completely disregards" Greece's ongoing privatisation process, which is expected to collect a total of 50 billion euros and repay part of its debt.

Eurogroup approved Greek third bailout package worth up to 86 billion euros under the European Stability Mechanism on August 14 to keep the debt-torn country afloat and secure its stay in Europe.