Tuesday 25 September 2018

European bailout fund approves 6.7 billion euros for Greece

Greece has depended on international rescue loans since 2010. Its third bailout ends this summer.

(Empics)
(Empics)

By Associated Press Reporters

Europe’s bailout fund has approved a 6.7 billion euro (£5.9 billion) loan instalment to Greece as part of its third international rescue programme.

The European Stability Mechanism said the approval came following the Greek government’s completion of a series of required reforms.

The funds will be used to service the country’s debt and clear domestic arrears.

The ESM said an initial fund of 5.7 billion euros (£5 billion) is to be disbursed on Wednesday.

The remainder, to be used for clearing arrears, may be disbursed after May 1 if the country “makes progress in reducing its stock of arrears”.

Greece has depended on international rescue loans since 2010. Its third bailout ends this summer.

Press Association

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