BUSINESS

ESM to hold teleconference on Greek loan tranche on June 14

TAGS: Economy, Finance

The board of the European Stability Mechanism (ESM) will hold a conference call on June 14 to discuss whether Greece has met the conditions to receive the remaining one billion euros of its loan, the organization said in a press release on Monday.

The ESM decided on its June 8 meeting to withhold the outstanding subtranche from the third bailout review, citing a lack of progress in clearing arrears.

The decision surprised the Greek government as both the European Commission and the European Central Bank had made favorable recommendations regarding the disbursement of the money to Athens.

“A satisfactory assessment under the terms of the fourth tranche of financial assistance to Greece would pave the way for the Board of Directors to consider the release of the remaining 1 billion euros earmarked for arrears clearance under this tranche,” ESM said.


 

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