Monday started off with a positive development for the embattled Greek government - hours before a Eurogroup meeting - as the European Stability Mechanism (ESM) announced that it has on two billion euros owed to it by Athens.
Monday started off with a positive development for the embattled Greek government - hours before a Eurogroup meeting - as the European Stability Mechanism (ESM) announced that it has on two billion euros owed to it by Athens.
According to the ESM, payment was a contractual obligation "follows the sale of an asset by one of the banks that took part in the 2015 banking recapitalisation, financed with ESM loans."
The "asset" refers to the sale of National Bank of Greece's Turkish subsidiary, Finansbank.
“The prompt payment shows Greece is a reliable contract partner. It is a sign that the restructuring of the Greek banking sector is progressing well. We will continue to work together with Greece during the remainder of the programme,” Klaus Regling, ESM Managing Director, said.