Last Update: 22:40
The European Stability Mechanism (ESM) announced the actual disbursement of the next loan tranche to Greece which took place on Monday, as scheduled.
— ESM (@ESM_Press) July 10, 2017
Greece will receive €7.7 billion, of which €6.9 billion will be used to cover debt servicing needs. The remaining €800 million will be utilized for the settlement of state arrears.
Another €800 million will be made available in September provided that the state has cleared enough arrears.
The disbursement follows the green light provided by the ESM Board of Directors last Friday.
After the decision on Friday ESM Managing Director Klaus Regling said: “Today’s decision by the ESM Board of Directors shows that Greece has completed the reforms required at this stage. The government and people of Greece deserve recognition for having come a long way in returning to fiscal sustainability and economic growth. The government should continue on this path to rebuild a competitive economy and regain investors’ trust.”