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Greece Receives Delayed €1 Bln Loan Tranche

bank-of-GreeceThe Euro Working Group is to approve on Thursday a 1-billion-euro loan subtranche as Greece has legislated the 13 prior actions required by the bailout program.
The tranche is delayed by two months as the prior actions were originally scheduled to pass in parliament by mid-October.
With the disbursement of the tranche, the total bailout money Greece has received so far from the European Stability Mechanism amounts to 26 billion euros, 10 billion of which went to bank recapitalization and the remaining 16 billion were used to cover financing needs. Three billion euros were used to make loan repayments for the October-December period.
However, for the period August-December the Greek government was supposed to allocate 3.1 billion euros to repay outstanding state debts to the private sector.
So far, the state has only paid 900 million euros to the private sector, meaning that by the end of December it has to pay 2.2 billion euros more to state suppliers, contractors and so on.
According to an report, at the end of November the state fund had 1.8 billion euros in reserves. Adding the 1 billion euros subtranche and another 1 billion euros Greece will receive from state bonds, total state funds amount to 3.8 billion euros.
Greece’s financial obligations until the end of the year are: 1.8 billion euros for servicing the bailout loan, 2.2 billion for state debt repayments and about 350 million euros to cover the 0.2 percent of GDP primary deficit.

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