Greece repays 2.3 bn euros to ECB

20 July 2016
716 Views

Greece repaid Wednesday 2.3 billion euros ($2.5 billion) to the European Central Bank, a source with knowledge of the matter said.

The sum, representing one of Greece’s largest debt milestones this year, was repaid thanks to EU bailout cash.

Greece last month received 7.5 billion euros from its European creditors, part of a three-year, 86-billion-euro rescue accepted by the leftist government of Prime Minister Alexis Tsipras last year.

The 2015 agreement was the product of fraught negotiations that took months and nearly saw Greece kicked out of the euro.

The June bailout payment was clinched after the leftist government grudgingly adopted a number of fiscal measures demanded by its creditors, including tax hikes and a mechanism to slash spending in case of budget overruns.

The European Stability Mechanism – the body controlling Greeces bailout loans – has said that another 2.8 billion will be available once additional reforms are delivered.

An upcoming review of the Greek bailout in the autumn will include bad bank loans and a labour relations overhaul.

You may be interested

The National Interest: Why is Cyprus still divided? – Analysis
DEFENCE
shares123 views
DEFENCE
shares123 views

The National Interest: Why is Cyprus still divided? – Analysis

Panos - Apr 19, 2021

The division of Cyprus is fast approaching the half-century mark. In fact, that division has now lasted longer than that…

Research suggests ancient Greeks might have sailed to Canada
GREECE
shares21 views
GREECE
shares21 views

Research suggests ancient Greeks might have sailed to Canada

Panos - Apr 19, 2021

The ancient Greeks could have reached Canada in 56 AD – almost a millennium before the Vikings. This is according…

Condition in eastern Mediterranean dominated Dendias, Shoukry meeting in Cairo
GREECE
shares148 views
GREECE
shares148 views

Condition in eastern Mediterranean dominated Dendias, Shoukry meeting in Cairo

Panos - Apr 19, 2021

Greek Foreign Minister Nikos Dendias was cordially welcomed by Egyptian Foreign Minister Sameh Shoukry earlier on Sunday in Cairo. The…

Leave a Comment

Your email address will not be published.