Bloomberg: “Greece to receive €11bn upon bailout review completion”

The Greek government is set to receive 11 billion euros upon successful completion of the bailout program review, claims a Bloomberg…

The Greek government is set to receive 11 billion euros upon successful completion of the bailout program review, claims a Bloomberg report. The report cites a draft of the European Commission’s compliance report.

These funds, Bloomberg further explained, will be used to clear arrears and cover debt servicing needs, which includes a 2.3-billion-euro payment towards the ECB in July.

According to the European Commission’s draft, Greece will be called to achieve a primary surplus worth 0.5% of the GDP in 2016, 1.75% in 2017 and 3.5% in 2018. Greece will then have to maintain a 3.5% GDP primary surplus for a decade, which will gradually drop to 1.5% in 2040.

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