The European Stability Mechanism's (ESM) board of directors, as expected, on Tuesday approved the disbursement of 2.8 billion euros in bailout loan money to Greece.
The decision was more-or-less guaranteed after a recommendation the previous evening by the EuroWorking Group.
“Today’s decision to disburse 2.8 billion euros to Greece is a sign that the Greek people are steadily making progress in reforming their country. The government has completed key milestones in the area of pension reform, bank governance, the energy sector, and revenue collection. It has also taken further steps in making the new privatization and investment fund operational. If the government continues to implement the reforms agreed in the ESM program, growth of the Greek economy could accelerate next year and the government may be able to start issuing bonds again next year,” ESM Managing Director Klaus Regling announced afterwards.
