Eurozone’s ESM postpones €1bn loan tranche to Greece

8 June 2018
786 Views

A report claiming Athens has not made enough progress in clearing debt arrears is being blamed for a eurozone decision to suspend a €1 billion ($1.1 billion) loan to Greece.

The board of the European Stability Mechanism (ESM) decided on Friday against disbursing the remaining sub-tranche of its loan, following the report by creditors.

On March 27, the ESM approved a fourth tranche of financial assistance to Greece amounting to €6.7 billion, including the release of €5.7 billion for debt servicing needs, arrears clearance and for the building up of a cash buffer.

According to the decision, the remaining €1 billion would have been disbursed “subject to positive reporting by the European institutions on the clearance of net arrears and a confirmation from the European institutions that the unimpeded flow of e-auctions has continued”.

Greek media report that the government must show significant progress by June 15, otherwise, the tranche will be canceled.

You may be interested

Athenians flee capital after free movement allowed
GREECE
shares52 views
GREECE
shares52 views

Athenians flee capital after free movement allowed

makis - May 14, 2021

Greeks were leaving en-masse from the Attica basin to nearby islands and other destinations on Friday, following the official lifting…

Movement free across Greece
GREECE
shares45 views
GREECE
shares45 views

Movement free across Greece

Panos - May 14, 2021

Greeks will be allowed to move freely throughout the country from Friday, as the Deputy Minister to the Prime Minister…

Let’s be honest, Turkey cannot join the EU: Manfred Weber
GREECE
shares39 views
GREECE
shares39 views

Let’s be honest, Turkey cannot join the EU: Manfred Weber

Panos - May 14, 2021

“Let us be honest, Turkey cannot join the EU,” said Manfred Weber, the leader of the European Parliament’s People’s Party…

Leave a Comment

Your email address will not be published.