NEWS

Sources: Eurogroup approves two tranches, totalling 7.5bln euros, for Greece

Brussels – Greece has secured the disbursement of two bailout tranches, amounting to 7.5 billion euros, at Monday’s Eurogroup in Brussels, sources told Kathimerini.

Although the meeting of eurozone finance ministers was continuing on Monday, reliable sources told Kathimerini that the European Financial Stability Facility (EFSF) is due to convene on Wednesday to approve the transfer of 4.2 billion euros. The money is expected to be disbursed on Friday.

Following on from this, if Greece completes the “milestones” it has agreed for May, then 3.3 billion euros will be released in June. A troika review will not be needed for this disbursement, which will be agreed by the Euro Working Group.

The European Stability Mechanism also approved on Monday the disbursal of the first part of Cyprus’s first bailout installment, to the tune of 2 billion euros. The second part, worth 1 billion euros, will be transferred on June 30.