Greece to receive 23bn euro cash injection ahead of key repayment
Athens: Greece is set to receive the first instalment of its third multi-billion-euro bailout on Thursday, just as a key repayment to the European Central Bank falls due.
A source close to the matter said Greece would receive 23 billion euros ($25.5 billion) on Thursday morning, allowing Athens to make a loan repayment of 3.4 billion euros due the same day to the European Central Bank (ECB).
Greece got the green light on Wednesday to start repaying its debts and reviving its economy after eurozone finance ministers formally approved the third reforms-for-rescue package of up to 86 billion euros.
The all-clear came after the new bailout was approved by European parliaments, including the Bundestag of Germany.
‘This agreement provides perspective for the Greek economy and a basis for sustainable growth,’ said Jeroen Dijsselbloem, the Dutch finance minister who chairs the so-called Eurogroup of eurozone finance ministers, vowing officials would monitor the process closely.
Pending endorsement from key national parliaments, Dijsselbloem and the other eurozone finance ministers had on 14 August approved the bailout to keep Greece in the single currency bloc, pay its bills and revive its shattered economy.
The German parliament voted by an overwhelming majority on Wednesday to back the third bailout, with Chancellor Angela Merkel spared a major rebellion of deputies opposing the aid.
Interrupting their holidays for the second time this summer to cast ballots on a Greek rescue, lawmakers in the Bundestag lower house approved the rescue plan by 453 votes to 113. Eighteen abstained.