EU disburses 1.1 billion euro to Greece

Finance ministers from the nations using the euro single currency gave Greece a positive review of its reforms on Monday but divided up the latest tranche of aid to Athens, disbursing a 1.1 billion euro loan but postponing its decision on a further 1.7 billion payout to later in October.

Euro zone countries have so far disbursed 33.5 billion euros under the third bailout and were expected to release a further 2.8 billion euros to conclude the first review of the aid program.

However, in a meeting in Luxembourg on Monday, euro zone finance ministers decided to split the payment in two parts and allowed only a 1.1 billion euros payment. The release of the remaining 1.7 billion euros will depend on data on arrears payments for September that the Greek authorities are in the process of collecting.

According to media reports, French Finance Minister Michel Sapin said, “Greece is making a lot of effort- we have to recognise these efforts.”

While the EU Economy Commissioner Pierre Moscovici, stated “We must absolutely go on to try and build a success story with Greece now. Greece is on the right path.”