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European Stability Mechanism to Disburse 7.7Bln Euros to Greece in July

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Eurozone - Sputnik International
EU’s bailout fund, will disburse 7.7 billion euros next month to help debt-ridden Greece meet its July obligations.

Managing Director of the International Monetary Fund Christine Lagarde smiles as she leaves after a meeting of Eurozone heads of state at the EU Council building in Brussels on Monday, July 13, 2015. - Sputnik International
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LUXEMBOURG CITY (Sputnik) — The European Stability Mechanism, EU’s bailout fund, will disburse 7.7 billion euros ($8.58bln) next month to help debt-ridden Greece meet its July obligations, the fund’s chief said Thursday.

Eurogroup chief Jeroen Dijsselbloem announced earlier in the day that Greece’s international lenders had agreed a payout to Athens worth 8.5 billion euros with IMF participation. The money will allow Greece to make external debt repayments.

"The first disbursement of this third tranche is expected to take place in the beginning of July, after national procedures have been completed, and will amount to €7.7 billion," Klaus Regling said, adding another disbursement in the amount of €0.8 billion would come "after the summer."

Regling said that once the ESM had disbursed this new tranche in the coming weeks it would have over a half of the Greek public debt in the books its keeps together with the European Financial Stability Facility (EFSF), making them the largest creditor of Greece.

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