Greece To Receive EUR7.70 Billion Of Bailout Money On Monday

BRUSSELS (Alliance News) - Greece's European creditors are set to disburse a new tranche of ...

Alliance News 7 July, 2017 | 3:45PM
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BRUSSELS (Alliance News) - Greece's European creditors are set to disburse a new tranche of bailout funds amounting to EUR7.70 billion on Monday after the European Stability Mechanism (ESM) gave its final approval.

After months of disagreement over the disbursement of new bailout money necessary for Greece to avoid insolvency because of old debts due in July, international creditors reached a deal last month approving a further tranche of assistance EUR8.50 billion euros.

The ESM's board of directors said on Friday that Greece had implemented all necessary reforms to receive the money.

"The government and people of Greece deserve recognition for having come a long way in returning to fiscal stability and economic growth," said ESM Managing Director Klaus Regling.

Of the amount to be disbursed on Monday, EUR6.90 billion will be used for debt servicing. The country is set to receive a further EUR800.0 million after September 1.

Copyright dpa

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