ESM: First Loan Tranche for Greece to Be Paid out on Second Half of June

ESM: First Loan Tranche for Greece to Be Paid out on Second Half of June

The European Stability Mechanism (ESM) published on Monday an updated report on the decisions taken at the last Eurogroup meeting for Greece and the details for the disbursement of the country’s loan installments.  
According to the announcement, the ESM Board of Directors is expected to approve the disbursement of the second tranche of the ESM loan facility amounting to 10.3 billion euros. The second tranche will be split into several disbursements, the first of which could be made in the second half of June, if Greece meets all the necessary preconditions, the announcement says.
"The first disbursement would amount to 7.5 billion euros, to be used for debt service obligations and the clearance of domestic arrears. Subsequent disbursements would be made after the summer and will be subject to the completion of milestones,” it said.


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