ESM finally Oks 7.5 bln loan to Athens

17 June 2016
110 Views

The European Stability Mechanism (ESM) on Friday gave its final approval, as expected, of a 7.5-billion-euro loan tranche to Greece, with the money available almost immediately.

According to a press release, another 2.8-billion tranche will be disbursed into Greek coffers after a series of prior actions are implemented heading into the autumn, without going into details.

The total sum loaned to the Greek state under the third bailout now reaches 28.9 billion euros, whereas the figure since the beginning of the crisis has reached 170.7 billion euros.

In a brief statement, ESM head Klaus Regling said Friday’s decision is an acknowledgement that the Greek government will implement substantial reforms, which he ticked off as social security reform, establishing a new privatization fund, activating a mechanism for the resale and management non-performing loans in the secondary market and, finally, implementing an automatic spending cuts mechanism.

You may be interested

Metro station evacuated in Tower Hill, London
WORLD
shares34 views
WORLD
shares34 views

Metro station evacuated in Tower Hill, London

makis - Sep 26, 2017

Tube station has been evacuated after a phone charger exploded on a District Line train. The London Fire Brigade said…

Dimitris Giannakopoulos: PAO Foundation project is over for me
GREECE
shares50 views
GREECE
shares50 views

Dimitris Giannakopoulos: PAO Foundation project is over for me

makis - Sep 26, 2017

Uncertainty over the financial future of Greek football giants Panathinaikos Athens continues, after Dimitris Giannakopoulos, the major shareholder and owner…

Samothraki: Destruction of Biblical proportions after heavy rainfalls
GREECE
shares44 views
GREECE
shares44 views

Samothraki: Destruction of Biblical proportions after heavy rainfalls

makis - Sep 26, 2017

The heavy rain that hit Greece in the late hours of Monday caused serious problems in many parts of the…

Leave a Comment

Your email address will not be published.