ESM decided to give Greece a long-awaited 2 billion Euro loan

ESM decided to give Greece a long-awaited 2 billion Euro loan


The Greek authorities had hoped that the approval of the next tranche of the loan of 2 billion Euro will be held before the end of October. However, the process of execution by Greece’s creditors in the adjustment of the economy was delayed.

BRUSSELS, 23 Nov. Maria Knyazeva. The European stability mechanism (ESM) decided to list Greece two billion euros — a long-awaited tranche from the package of financial support, said the head of ESM Klaus regling at a press conference in Brussels.

“It subtrans of the first tranche. The transfer will take place tomorrow morning,” he said.

A third bailout program, which provides up to 86 billion euros of loans, was approved for Greece on August 19. The first tranche of the new package of support amounts to 26 billion euros. Of this money, Greece has already received at the end of August 13 billion euros.

The Greek authorities had hoped that the approval of the next tranche of the loan of 2 billion Euro will be held before the end of October. However, the process of execution by Greece’s creditors in the adjustment of the economy is delayed and, accordingly, was waived and the allocation of money.

At the end of last week the head of the Eurogroup Jeroen Dijsselbloem declared that Greece fulfilled the necessary conditions, and this opened the country to gain two billion euros.