ESM & Eurogroup to approve bailout tranche today
- Written by E.Tsiliopoulos
Greece expects to get the green light from today’s Eurogroup summit for a much-needed bailout tranche of 7.5 billion euros that is expected to be disbursed next week.
The board of directors of the eurozone bailout fund ESM will agree tomorrow to disburse the money which will be paid out early next week.
The board of the European Stability Mechanism (ESM) will approve the 7.5bln Euro tranche and disburse it to Greece by the end of next week, Reuters reports. Under the condition of anonymity, European officials told the news agency that the Eurogroup Ministers taking part in the ESM director’s board will give the ‘green light’ during Thursday’s meeting. On Friday, the ESM will officially give the OK for the release of the 7.5bln Euro installment to Greece, which is a part of the total 10.3bln the country is scheduled to receive as financial funding to cover its obligation towards creditors, including the ECB. The remaining 2.8bln Euros will be released in the upcoming months after Greece has fulfilled a number of prior actions still pending.
