EU Sources: Loan Tranche for Greece to be Approved on Friday

Thursday, July 6th, 2017
Last Update: 21:27

Officials in Brussels and Athens are confident that the Governing Body of the European Stability Mechanism (ESM) meeting on Friday will approve the disbursement of the 7.7 billion euro installment to Greece.

Reports from Brussels suggest that the ESM will give the green light for the disbursement before the before the Eurogroup on Monday.

“I’m certain that on tomorrow’s ESM meeting, the topics that were still outstanding would be agreed upon” an official quoted by Greek daily Kathimerini said.

He added that they are secondary issues that can be easily resolved.

On Wednesday, Greek Finance Minister Euclid Tsakalotos also expressed his confidence that the ESM will approve the disbursement of a loan tranche to Greece on Friday.

Speaking to reporters, after a teleconference held by the European Stability Mechanism in which he participated, Tsakalotos said: “I am 100% certain that the disbursement will be approved on Friday. I would not have said that if I was not 100% certain.”

Commenting on the prior actions set by the IMF and referred to in an ESM press release, the Greek FinMin said these referred to two ministerial decisions “not policies but technical issues which we are looking at right now.”

The maximum amount of this third tranche will be 8.5 billion euros and will be given to Greece in several disbursements.

The first disbursement under the third tranche, in an amount of up to 7.7 billion euros, will be disbursed before 31 July 2017.

Out of the total of the first disbursement, an amount of 6.9 billion euros will be disbursed to the segregated account, to be used for debt servicing needs, and an amount of 0.8billion euros will be disbursed to a dedicated account, to be used for arrears clearance.

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