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Greece to Receive Over $6.5Bln in Second Tranche of Credit

Greece will receive much more than 5.7 billion euro ($6.5 billion) in the second tranche of its bailout within the framework of the European Stability Mechanism (ESM), a Finance Ministry source said Monday.

ATHENS (Sputnik) – Earlier in the day, Greek lawmakers voted in a controversial reform bill that cuts future pension payments, increases value-added tax, and introduces internet, television, coffee and e-cigarette taxes.

“In addition to funds for debt service until completion of the next evaluation, the tranche will include the rapid repayment of the government debt to the private sector, which will greatly enhance the liquidity of the real sector of the economy. In practice, this means that the tranche will be much greater than 5.7 billion euros envisaged by the agreement in the event of completion of the first evaluation of the reform program,” the source said.

According to the source, the evaluation will be completed without any extra measures required from Greece.

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