ESM approves 2.8 billion euro tranche to Greece on Tuesday

25 October 2016
217 Views

The European Stability Mechanism’s board of directors convened on Tuesday morning and decided to authorize the disbursement of the 2.8 billion euro trance to Greece. The full statement is as follows:
“Today’s decision to disburse €2.8 billion to Greece is a sign that the Greek people are steadily making progress in reforming their country. The government has completed key milestones in the area of pension reform, bank governance, the energy sector, and revenue collection. It has also taken further steps in making the new privatisation and investment fund operational. If the government continues to implement the reforms agreed in the ESM programme, growth of the Greek economy could accelerate next year and the government may be able to start issuing bonds again next year,” said ESM Managing Director Klaus Regling.

This €2.8 billion disbursement consists of two parts: €1.1 billion was approved for release following the full implementation of a set of 15 milestones by the Greek authorities, and is to be used for debt servicing. A further €1.7 billion can now also be disbursed after a positive assessment of the clearance of net arrears by Greece; this amount will be disbursed to a dedicated account for clearing arrears.
“I am also pleased to note that the Greek government has fulfilled its commitment to clear arrears, as this will have a positive impact on the country’s economy. I hope our good cooperation with the Greek government continues, so that the second review of the programme can be completed in a timely manner,” said Mr Regling.

After the disbursement approved today, ESM financial assistance for Greece will reach €31.7 billion, out of a total programme volume of up to €86 billion. The ESM and the EFSF together have so far disbursed €173.5 billion to Greece (including the amount approved today), making the rescue funds by far the largest creditor of Greece.

You may be interested

JOKER results: Sunday 17 June 2018
GREECE
shares29 views
GREECE
shares29 views

JOKER results: Sunday 17 June 2018

Panos - Jun 17, 2018

The winning numbers from the JOKER draw on Sunday 17 June 2018 are as follows:

Lotto results: Saturday 16 June 2018
GREECE
shares67 views
GREECE
shares67 views

Lotto results: Saturday 16 June 2018

Panos - Jun 16, 2018

The winning numbers from the Lotto draw on Saturday 16 June are as follows:

“Minos” weather front to affect most of Greece until Tuesday
GREECE
shares48 views
GREECE
shares48 views

“Minos” weather front to affect most of Greece until Tuesday

makis - Jun 15, 2018

A gradual deterioration of the weather is expected take start today and cover most of the country for the next…

Leave a Comment

Your email address will not be published.