Greece granted much expected 800 million euros

Screen Shot 2017 10 27 at 10.20.35 am

Screen Shot 2017 10 27 at 10.20.35 am

Greece was finally granted the 800 million euros it was expecting from Europe on Thursday after authorisation was given by the European Stability Mechanism (ESM).

The ESM reached their decision during a meeting of its board and granted Greece the funds for the clearance of arrears.

The ESM’s decision comes after a positive assessment by the European institutions of the clearance of net arrears by the Greek government, as defined in the Technical Memorandum of Understanding.

“I am satisfied to note the Greek government’s continued commitment to clear arrears. The amount of arrears reduced in recent months means that Greece has over performed the target set in the program, and this should have a positive impact on the country’s economy. I hope our good cooperation with the Greek government continues, so that the third review of the ESM program can be completed in a timely manner,” said ESM Managing Director Klaus Regling.

GCT Team

This article was researched and written by a GCT team member.