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Greece to Receive First ESM Tranche Worth 13Bln Euros on Thursday

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Greece will receive the first tranche of a new 86 billion euro ($95 billion) bailout in the amount of 13 billion euros early on August 20 allowing Athens to make a due loan repayment to the European Central Bank, the Greek Finance Ministry confirmed Wednesday.

BRUSSELS (Sputnik) — Earlier on Wednesday, European Commission Vice President for Euro and Social Dialogue Valdis Dombrovskis signed the Memorandum of Understanding for a three-year ESM stability support for Greece.

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"The first payment, which will be made tomorrow morning, amounts to 13 billion euros, of which about 12 billion euros will be directed to a special account to settle arrears," the ministry announced.

The Eurogroup approved the 86-billion-euro bailout package aimed at supporting Greece's ailing economy on August 14. In the course of this week, the parliaments of a number of EU member states have been voting on the ratification of the agreement with Athens.

Greece owes more than $270 billion to its main international creditors, including the International Monetary Fund, the European Central Bank and some Eurozone nations.

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