ECONOMY

Eurozone rescue fund pays final bailout loan to Greece

Eurozone rescue fund pays final bailout loan to Greece

A eurozone rescue fund says it has paid its final 15 billion-euro bailout loan to Greece, after objections by Germany delayed the payment a few weeks.

The European Stability Mechanism (ESM) said Monday that 9.5 billion euros of it would be used to build up a cash buffer to help Greece meet its financial needs for almost two years.

The other 5.5 billion euros would go toward paying off some of the country's considerable debt.

ESM Managing Director Klaus Regling said the move shows "Greece has come a long way" over its three-year bailout program and that "the commitment and hard work of the Greek people are now paying off."

In mid-July, Germany objected to immediate payment, claiming that Athens had not met all the requirements. [AP]

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