ESM finally Oks 7.5 bln loan to Athens

17 June 2016
151 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

Greece – Cyprus – Egypt to meet in Nicosia on Tuesday
GREECE
shares27 views
GREECE
shares27 views

Greece – Cyprus – Egypt to meet in Nicosia on Tuesday

makis - Nov 21, 2017

President of Egypt Abdel Fattah el-Sisi has arrived in Cyprus on Monday paying his first official visit to the island…

Two suspects of Exarchia riots released on condition
GREECE
shares39 views
GREECE
shares39 views

Two suspects of Exarchia riots released on condition

makis - Nov 21, 2017

The two suspects arrested for during the widespread riots around the area of Exarchia near the Athens Polytechnic during celebrations…

Attica floods: One more dead body found, 21 in total
GREECE
shares39 views
GREECE
shares39 views

Attica floods: One more dead body found, 21 in total

makis - Nov 21, 2017

The death toll from the horrific mudslides last week at Mandra has risen and the dead are now 21. One…

Leave a Comment

Your email address will not be published.