Arab Today, arab today esm approves greek €86bn bailout plan
Last Updated : GMT 21:20:40
Arab Today, arab today
Arab Today, arab today

ESM approves Greek €86bn bailout plan

Arab Today, arab today

Arab Today, arab today ESM approves Greek €86bn bailout plan

German MPs are voting
Brussels - XINHUA

The European Stability Mechanism (ESM) on Wednesday approved Greek third bailout package, unlocking the first disbursement of 13 billion euros (14.46 billion U.S. dollars) to Greece a day before it has to repay a 3.2-billion-euro loan to the European Central Bank.

According to a statement released by the ESM, the board of governors, comprising the finance ministers of the euro zone's 19 countries, approved a proposal for a financial assistance facility agreement (FFA) with Greece, under which the ESM will provide up to 86 billion euros in financial assistance to Greece over three years.

The board also adopted a memorandum of understanding (MoU) with Greece, specifying the policy measures that the Greek government has agreed to undertake in order to tackle the main challenges facing its economy.

"Greek authorities have an opportunity to restore financial stability," Valdis Dombrovskis, vice president of the European Union (EU) and European Commissioner for the Euro, tweeted shortly after signing the MoU.

The first tranche of the ESM program will be 26 billion euros, including an up-front 10 billion euros buffer (cashless, to be disbursed in ESM notes) to repair the Greek banking system. It will not be transferred to Greece but go into a segregated account managed by the ESM in Luxembourg.

The other 16 billion euros aims to cover the repayment of the 7.2 billion euros bridge loan granted in July from the European Financial Stabilisation Mechanism (EFSM), the upcoming ECB and the International Monetary Fund (IMF) payments, and some arrears, the ESM said.

This part of the tranche will be released in separate payments: the first 13 billion euros immediately upon program approval, with the other 3 billion euros to be disbursed no later than Nov. 30, "if Greece completes additional prior actions."

"The total amount of financial assistance will also depend on Greece's success in implementing policy reforms, which are designed to ensure that Greece returns to market financing at reasonable cost before the programme ends. Privatisation proceeds may additionally reduce the overall amount of financial assistance needed," the statement noted.

Jeroen Dijsselbloem, chairperson of the ESM Board of Governors, said: "This agreement provides perspective for the Greek economy and a basis for sustainable growth."

Both the MoU and FFA were also approved by ESM members according to their national procedures, which included parliamentary approval in several countries including Germany, the Netherlands, Austria, Spain and Estonia.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today esm approves greek €86bn bailout plan Arab Today, arab today esm approves greek €86bn bailout plan

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday