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European Stability Mechanism Approves $3 Bln Tranche to Greece

© REUTERS / Pawel KopczynskiA piggybank painted in the colours of the Greek flag with a 20 euro banknote in it's slot, stands in front of letters spelling the word 'GREECE' in this picture illustration taken in Berlin, Germany June 30, 2015
A piggybank painted in the colours of the Greek flag with a 20 euro banknote in it's slot, stands in front of letters spelling the word 'GREECE' in this picture illustration taken in Berlin, Germany June 30, 2015 - Sputnik International
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According to reports, European Stability Mechanism approved on Tuesday the disbursement of a 2.8-billion ($3 billion) tranche to Greece.

A Greek flag flies behind a statue to European unity outside the EU Parliament in Brussels, Belgium, May 20, 2015 - Sputnik International
Eurogroup Approves $1.2 Bln of 2nd Bailout Tranche to Greece
MOSCOW (Sputnik) The European Stability Mechanism (ESM) approved on Tuesday the disbursement of a 2.8-billion ($3 billion) tranche to Greece, the ESM said.

"The Board of Directors of the European Stability Mechanism (ESM) today authorised the disbursement of 2.8 billion [euros] to Greece, which is the remaining amount of the second tranche of ESM financial assistance," it said in a statement.

ESM Managing Director Klaus Regling said the decision marked a "sign that the Greek people are steadily making progress in reforming their country."

"The government has completed key milestones in the area of pension reform, bank governance, the energy sector, and revenue collection. It has also taken further steps in making the new privatisation and investment fund operational," Regling said.

He added that Athens could begin issuing bonds next year if the government continue to implement the reforms under the ESM program.

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