Tagged: ESM

ESM prepares to ease Greek national debt

The European Stability Mechanism (ESM) is set to implement short-term measures to ease Greece’s national debt by the end of January, as agreed at a December 5 Eurogroup meeting. To this end, the ESM will borrow more funds from the markets than originally planned. The revised plan for long-term bond issues within 2017 provides for […]

Eurogroup and ESM put short-term debt relief measures on hold

The spokesperson for the Eurogroup President Michel Reijns announced that the institutions have concluded that the actions of the Greek government do not appear to be in line with existing agreement and that certain EU member stated cannot agree on the implementation of short term debt relief measures. As such the measures are out on […]

“Greece can return to the financial markets in 2017”

The head of the European Stability Mechanism (ESM) Klaus Regling estimated that Greece could return to the financial markets in 2017, provided that the Greek government keeps up with the reform program. “We’ve assisted five countries during the crisis: Greece, Ireland, Portugal, Spain and Cyprus. Four of these are now success stories” Mr. Regling explained […]

ESM approves 2.8 billion euro tranche to Greece on Tuesday

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 […]

ESM finally Oks 7.5 bln loan to Athens

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 […]

ESM: “€7.5bn paid out to Greece by end of June if preconditions are met”

The European Stability Mechanism (ESM) has further elaborated on the decisions regarding the Greek that were reached at the recent Eurogroup, via an FAQ. According to the ESM, the first disbursement would amount to €7.5 billion, to be used for debt service obligations and the clearance of domestic arrears. Subsequent disbursements will be made after […]

ESM Sec-Gen Janse cites very low interest rates for loans to Greece

The European Stability Mechanism (ESM) and European Financial Stability Fund (EFSF) have “locked” the current low interest rates for certain long-term bond issues, a development that benefits Greece, ESM secretary general Kalin Anev Janse was quoted by the German news agency MNI on Friday. Janse also said that Greece today is paying interest on loans of […]

ESM approves release of 1-bln-euro loan tranche to Greece

The European Stability Mechanism (ESM) announced in a tweet on Tuesday that its board of directors authorized the disbursement of Greece’s 1-billion-euro loan tranche, after the country completed all prior actions required by its lenders. “ESM Board of Directors just authorized the disbursement of €1bn to #Greece, #ESM press release will follow shortly,” ESM tweeted.

FT: ESM plans on issuing a 40-year bond for Greece

The Financial Times reported that the European Support Mechanism (ESM) is planning on issuing a 40-year bond worth 1 billion euros, following the recent approval for disbursing financial aid to Greece. According to the FT report, the sale is being arranged by Barclays, Deutsche Bank and Goldman Sachs, with the interest rate expected to be […]

ESM convenes to discuss payment of €2bn tranche to Greece

The head of the Eurogroup Jeroen Dijsselbloem reported that the Euro Working Group has agreed that Greece has implemented the first package of prior actions, thus paving the way for the 2-billion-euro tranche to be paid out by the European Stability Mechanism. The European Stability Mechanism has also announced that it will convene on Monday […]

Regling: ESM could further improve the economic conditions of the Greek program

Member states will monitor the implementation of reforms by Greece and decide whether to enter into discussions on further debt relief, the general director of the European Stability Mechanism (ESM) Klaus Regling said during a conversation with MEPs of the European Parliament Committee on Economic and Monetary Affairs. However, he underlined that a haircut in […]