Europe’s bailout fund on Tuesday approved a 6.7 billion-euro ($8.32 billion) loan installment to Greece as part of its third international rescue program, with payment of the first 5.7 billion euros expected this week.
The European Stability Mechanism said the approval came after the Greek government completed a series of required reforms. The funds will be used to service public debt and clear domestic arrears.
“Today’s decision … acknowledges the hard work by the Greek government and Greek people in completing an extensive set of reforms,” said ESM head Klaus Regling. The reforms were in tax policy, privatizations and the resolution of nonperforming loans, among others.| | | Next → |