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ESM Loan Tranche Officially Approved for Greece

ESMThe European Stability Mechanism approved on Friday the disbursement of a 7.5 billion euro loan tranche to Greece, according to a statement posted on Twitter.
“After today’s #ESM Board of Directors decision the #ESM will disburse the €7.5 bn to #Greece early next week” says the official ESM account.
The disbursement of the 7.5-billion-euro tranche is expected to be made at the start of the next week, ESM President Klaus Regling said during a press conference in Luxembourg.
Regling clarified that this is a sub-tranche of the second installment, totaling 10.3 billion euros. The remaining 2.8 billion euros will be disbursed after the second bailout program review due in September.
“(Greece) has passed reforms on pensions and income tax, makes privatizations and attracts investment funds, allows the sale of non-performing loans and would introduce an automatic fiscal adjustment mechanism to be activated if budget targets are not met,” Regling said, praising Athens for fulfilling the bailout agreement requirements.
Athens will need the funds to fulfill loan obligations that amount to almost 5 billion euros until the end of July.

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