Post parliaments in member states backed the rescue-for-reforms deal, the first tranche of a new 86 billion euro ($95-billion) bailout for Greece has been formally approved. The Board of Governors of the European Stability Mechanism approved the ESM managing director’s proposal today for a financial aid agreement with Greece, said the Board in a statement, which comprises of 19 Eurozone-countries’ finance ministers.
The German parliament voted by an overwhelming majority today to back a third bailout for Greece.
A sum of 23 billion euros would be received by Greece which would facilitate Athen’s loan repayment of 3.4 billion euros due tomorrow to the European Central Bank.
The go-ahead for the first tranche could be the beginning of a new era for Greece. This is an opportunity to restore financial stability and implementation of the reforms would ultimately be important, as tweeted by the EU Commissioner for the euro Valdis Dombrovskis.
10 billion euros would be directed towards recapitalising of Greek banks while some part of another 13 billion euros would be used to repay the ECB and the EU-granted loan of 7.16 billion euros.
The German parliament voted by an overwhelming majority today to back a third bailout for Greece.
A sum of 23 billion euros would be received by Greece which would facilitate Athen’s loan repayment of 3.4 billion euros due tomorrow to the European Central Bank.
The go-ahead for the first tranche could be the beginning of a new era for Greece. This is an opportunity to restore financial stability and implementation of the reforms would ultimately be important, as tweeted by the EU Commissioner for the euro Valdis Dombrovskis.
10 billion euros would be directed towards recapitalising of Greek banks while some part of another 13 billion euros would be used to repay the ECB and the EU-granted loan of 7.16 billion euros.
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