BRUSSELS (Sputnik) — European Commission Vice President for Euro and Social Dialogue Valdis Dombrovskis signed on Wednesday the Memorandum of Understanding for a three-year ESM stability support for Greece.
Visas Eirozonas valstis atbalstīja jauno aizdevuma programmu — Grieķijai ir vēl viena iespēja ekonomiskai izaugsmei. Tikko parakstīju #MoU
— Valdis Dombrovskis (@VDombrovskis) 19 августа 2015
"Stability support for Greece approved by Eurozone. Just signed new MoU on behalf of EU Commission and [EC President] Juncker," Dombrovskis wrote in his Twitter blog.
Greece will receive the first tranche of a new 86 billion euro ($95 billion) bailout in the amount of 13 billion euros early on August 20 allowing Athens to make a due loan repayment to the European Central Bank, a EU source said Wednesday.
"The transfer will take place tomorrow morning. Thirteen billion euros out of a total of 26 billion will be transferred immediately, another 3 billion will be sent by the end of November," the source close to the matter told RIA Novosti.
"The remaining 10 billion euros will be deposited on a separate account and could be used for recapitalization of the country's banks," the source added.
On August 14, the Eurogroup approved a third, 86-billion-euro ($95-billion) bailout package for Greece to rebuild its ailing economy.
Greece owes more than $270 billion to its main international creditors, which are the International Monetary Fund, the European Central Bank and some eurozone nations.
On July 13, after months of negotiations, Greece and its international creditors agreed on a deal providing bailout for Athens in exchange for austerity reforms.
