The mammoth tranche of 44 billion euro will be disbursed to Greece in two tranches, Greek media reported on Tuesday, hours before the start of crucial Eurogroup meeting. The first tranche of 34 billion euro will be released on December 5th 2012, while the rest 10 billion euro will flow to special escrow account beginning of January 2013.
The disbursement will take place under the strict precondition that Greece keeps its pledges.
The mammoth amount of total 44 billion euro consists of the three loan tranches that were due to be paid to Greece in 2012: 31.5 billion euro for 2Q 2012, 5 billion euro for 3Q and 8.3 billion euro for 4Q.
PS As a Twitter user wrote: “All we’re saying is give Greece the tranche” lol