The Board of Directors of the European Stability Mechanism (ESM) convened on Monday and decided to authorize the disbursement of a 2-billion-euro tranche o Greece, in light of the Greek government passing a series of prior actions through Parliament. A similar decision is expected regarding the disbursement of 10 billion euros that is earmarked for the ongoing recapitalization of Greek banks.
The 2 billion euros is the second disbursement of the initial loan sub-tranche of 16 billion euros approved in August 2015. The first part of this sub-tranche, 13 billion euros, was disbursed on 20 August. The remaining €1 billion will be available to be disbursed upon the completion of a second set of milestones. This is part of the ESM program for Greece, with a volume of up to 86 billion euros that the ESM Board of Governors approved on 19 August 2015
