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European Stability Mechanism Approves Almost $8.5Bln Disbursement to Greece

© AP Photo / Yorgos KarahalisA European Union (EU) flag flutters in front of the temple of the Parthenon in Athens, Greece, Saturday, Aug. 15, 2015
A European Union (EU) flag flutters in front of the temple of the Parthenon in Athens, Greece, Saturday, Aug. 15, 2015 - Sputnik International
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European Stability Mechanism (ESM) direction board approved the disbursement of the second tranche to Greece, ESM Managing Director Klaus Regling said Friday.

Greek national flags are displayed for sale at the entrance of a one Euro shop in Athens - Sputnik International
Greece Completes All Requirements for New Tranche – Eurogroup Head
BRUSSELS (Sputnik) —The board of directors of the European Stability Mechanism (ESM) approved the disbursement of 7.5 billion euros ($8.5 billion) of the second tranche to Greece, ESM Managing Director Klaus Regling said Friday.

"Today’s decision to disburse €7.5 billion to Greece is a recognition of the Greek government’s commitment to carry out essential reforms. It has passed legislation that will: reform the pension and income tax systems; establish a new privatisation and investment fund; enable the sale of non-performing loans; and introduce an automatic fiscal adjustment mechanism to be triggered in case fiscal targets are not met," Regling was quoted as saying on the ESM website.

Greek national flags are displayed for sale at the entrance of a one Euro shop in Athens - Sputnik International
Greece Completes All Requirements for New Tranche – Eurogroup Head
A further disbursement of 2.8 billion euros ($3,15 billion) will be given to the country after it implements all "milestones and satisfactory clearance of domestic arrears."

The second tranche amounts to 10.3 billion euros ($11.6 billion) in total. This tranche is part of the bailout package worth 86 billion euros ($96 billion) set in the 2015 agreement between Athens and Greece's international creditors.

Greece was particularly hard hit by the 2008-2009 economic crisis, and was offered massive bailout programs from its international lenders. The economic recession, exacerbated by the mismanagement of previous Greek governments, has resulted in Athens being saddled with a multibillion-dollar debt.

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