Galery

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Today, 20 August, the Greek government expects to be granted part of the first tranche of the new bailout to Greece or 13 billion euro, following the approval of the European Stability Mechanism (ESM).

3.4 billion euro of this amount will directly go to pay the Greek government bonds held by the European Central Bank.

The first tranche of the loan amounts to 26 billion euro, including 10 billion euro for bank recapitalization and 3 billion euro that will be allocated in portions in September and October if Greece implements the memorandum measures.

The funds from the first tranche will be spent as follows:

• 10 billion euro will go for the recapitalization of Greek banks. The ESM will provide these funds by directly issuing ESM bonds and will keep them in a special account.

• 12.7 billion euro will go to service the Greek debt, 7 billion euro of which will be used to repay the bridging loan granted by the ESM, 3.4 billion euro for the payment of the bonds held by the European Central Bank maturing today and their interest, 2.2 billion euro will go to the International Monetary Fund to repay the instalment and interest due, and 100 million euro will be used to service other debts.

• 1 billion euro will be available to the state to begin repaying the arrears and repurchase agreements (funding in return for collateral of securities).

• 2.3 billion euro will be provided to cover the primary deficit in the state budget and 500 million euro will be allocated to programmes co-funded by the National Strategic Reference Framework.