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Disbursement of 7.7bn tranche to take place today

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Following the green light provided by the ESM last Friday for the release of the next loan tranche to Greece, the actual disbursement will take place today.

 

In this context, Greece will receive €7.7bn, of which €6.9bn will be used to cover debt servicing needs. The remaining €800m will be utilized for the settlement of state arrears.

 

Another €800m will be made available in September provided that the state has cleared enough arrears. Meanwhile, the Greek govt has formally submitted a request to the IMF for a new loan facility.

 

The Fund’s BoD will decide on its engagement in the Greek program “in principle” on 27th July. In this context, we note that the Eurogroup taking place today is not relevant for Greece as it is scheduled to deal with other issues.


ESM MD Mr. Regling said: “The 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.”

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