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  • ESM to decide on disbursal of one billion euro tranche

    A satisfactory evaluation in the framework of the fourth tranche of economic aid to Greece would open the way for the Board of Directors to examine disbursal of the one billion euros earmarked for domestic arrears clearance.

    ΤοΒΗΜΑ Team
    The Board of Directors of the European Stability Mechanism (ESM) is scheduled to decide tomorrow on the disbursal of a one billion euro loan tranche, which was left over from a larger disbursement, in March.
    The Board will discuss the Greek government’s progress in arrears clearance and in implementing online auctions of foreclosed properties.
    A satisfactory evaluation in the framework of the fourth tranche of economic aid to Greece would open the way for the Board of Directors to examine disbursal of the remaining one billion euros earmarked for domestic arrears clearance, the agenda for tomorrow’s meeting noted.
    The ESM’s 27 March press release noted the terms for disbursal of the final one billion euros of the fourth tranche as follows:

    “The Board of Directors approved for release the first disbursement under this tranche, amounting to €5.7 billion. The disbursement is expected to be made by the ESM on Wednesday, 28 March. A further disbursement for arrears clearance of €1 billion may be carried out after 1 May 2018. It is dependent on Greece making progress in reducing its stock of arrears and improving the effectiveness of the e-auction system. This subsequent disbursement is subject to a further decision by the ESM Board of Directors.”

    International