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Europe distributes 13 billion euros to Greece

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Staff writer | Thursday August 20, 2015 5:58AM ET
Greece in crisis   The European Stability Mechanism

The European Stability Mechanism disbursed billion euros to Greece on Thursday after Eurozone finance ministers approved the third bailout at a conference call.

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Athens reportedly honored a EUR 3.2 billion debt repayment to the European Central Bank on Thursday.

The Board of Directors of the ESM approved the first tranche of EUR 26 billion, specifying the terms of the programme, the ESM said in a statement.

Today's EUR 13 billion disbursement is the first part of a sub-tranche of EUR 16 billion, to be used for budget financing and debt servicing needs.

The remaining EUR 3 billion will be provided at the latest by the end of November, when Greece completes additional prior actions.

The second sub-tranche of EUR 10 billion is destined for potential bank recapitalization or resolution.

"I am relieved that after intense negotiations with the Greek government and approval by our Members, all conditions are now in place to make this disbursement in time," ESM Managing Director Klaus Regling said.

The EUR 86 billion bailout fund for 32.5 years includes EUR 25 billion for the recapitalization of banks, depending on the needs that arise. Initially EUR 10 billion will be made available, the Greek finance ministry said Wednesday.


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