ESM Approves 2-bln-euro Tranche Disbursement to Greece

ESM Approves 2-bln-euro Tranche Disbursement to Greece

The European Stability Mechanism's (ESM) board of directors on Monday authorized, as widely expected, the disbursement of two billion euros to Greece, following the country’s completion of the first set of prior actions as demanded by creditors. 
The disbursement will primarily be used for debt service, as well as for the clearance of arrears, along with co-financing projects funded by EU structural funds, the body said in a statement.
“Today’s decision to disburse 2 billion euros of ESM funds reflects the Greek government’s commitment to the programme, as it implemented an extensive list of essential reforms. These include key financial sector reforms which are important to support the ongoing bank recapitalization process,” ESM Managing Director Klaus Regling said.
“If programme implementation remains strong, I am confident that the Greek people’s reform efforts will allow them to make visible strides towards a sound recovery,” he added.
 
 
ANA-MPA
 
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