ESM confirms release of one-bln€ sub-tranche in financial assistance to Greece

15 June 2018
385 Views

The European Stability Mechanism (ESM) issued a press release in the afternoon confirming that it has released one billion euros in financial assistance to Greece, set for covering the state’s arrears to the private sector.

The press release reads: “…the Board of Directors of the today authorised the release of €1 billion to Greece for the clearance of arrears. This is the remaining amount of the fourth tranche of ESM financial assistance, approved on 27 March 2018. It will be disbursed to a dedicated account for further clearing arrears.

The release of funds was subject to a positive assessment by the European institutions of the clearance of net arrears by the Greek government, and the effectiveness of the e-auctions system, as defined in the Technical Memorandum of Understanding of 22 March 2018.”

“I am pleased to note that the Greek government has made sufficient progress in clearing its arrears to the private sector”, said ESM Managing Director Klaus Regling. “If Greece stays determined in maintaining the reform momentum and in implementing the remaining reforms, I am optimistic that we can complete the ongoing fourth review of the ESM programme and Greece can make a successful exit in August, as planned.”

After the disbursement approved today, ESM financial assistance for Greece will reach €46.9 billion, out of a total programme volume of up to €86 billion. The ESM and EFSF together have so far disbursed nearly €189 billion to Greece (including the amount approved today), making the rescue funds by far the largest creditors of Greece. The current ESM programme for Greece is scheduled to end on 20 August 2018.”

You may be interested

GREECE
shares19 views

Lotto results: 17/08/2019

Panos - Aug 17, 2019

The winning numbers from the Lotto draw are as follows:

KAS to meet in bid to change rules on Elliniko project
GREECE
shares47 views
GREECE
shares47 views

KAS to meet in bid to change rules on Elliniko project

makis - Aug 16, 2019

The Central Archaeological Council (KAS), Greece’s top advisory body on the protection of antiquities, which has quite a few new…

Ancient pyramid found on Aegean island reveals beginnings of ancient Greek civilisation
GREECE
shares122 views
GREECE
shares122 views

Ancient pyramid found on Aegean island reveals beginnings of ancient Greek civilisation

Panos - Aug 16, 2019

The long-buried structure, dating back at least 4,600 years, was constructed of marble transported from nearby Aegean islands on tiny…

Leave a Comment

Your email address will not be published.