FXStreet (Córdoba) – After a teleconference call the European Stability Mechanism board agreed the programme for the €86bn bailout package to Greece.
“Today the countries in the eurozone have mandated the ESM to make to a maximum of €86bn available to finance Greece”, said Eurogroup president Jeroen Dijsselbloem. “The programme for the coming three years goes with strict conditions aiming at setting right public finances and administration and dealing with the economy and problems in the financial sector”.
According to the ESM, the first tranche of the programme will be worth up to €26 billion, in which €10 billion will be available immediately for bank recapitalization, €13 billion will be disbursed on August 20 and €3 billion to be disbursed by the end of November.
(Market News Provided by FXstreet)