ESM approves disbursement of €2bn tranche to Greece
The Board of Directors of the European Stability Mechanism (ESM) convened on Monday and decided to authorize the…
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