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  • ESM approves 1bn euro loan tranche

    The European Stability Mechanism (ESM) has approved a one billion euro loan tranche for the payment of public sector arrears.

    ΤοΒΗΜΑ Team
    The European Stability Mechanism (ESM) has approved a one billion euro loan tranche for the payment of public sector arrears.
    The disbursement had been postponed one weak ago. Sources said that the reason for the delay was that Athens did not present adequate documentation that there has been progress in the payment of public sector arrears.
    The amount is a sub-tranche from a 5.7bn euro loan tranche from March.

    The government had received 500mn euros from March’s 5.7bn loan tranche in order to pay arrears, and it had an obligation to disburse another 500mn euros from the state budget to pay off a total of one billion euros in arrears.

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