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 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
Vaccinated travellers entering the UK from EU and USA will not be quarantinedPanos - Jul 29, 2021
Fully vaccinated travellers entering the UK from the European Union and the United States will not need to be quarantined…
EU signs deal for monoclonal antibody therapyPanos - Jul 29, 2021
The European Union has signed a contract with GlaxoSmithKline for the supply of up to 220,000 treatments of its investigational monoclonal antibody…
The Greek official response answering Turkey’s provocative claims to the UNPanos - Jul 29, 2021
Greece has responded in detail to Turkey’s unfounded and unsubstantiated claims it made on the UN, by sending a letter…