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EWG, Germany approve €7.5bn bailout tranche for Greece

All prior action demanded from Greece have been fulfilled. The Euro Working Group gave the green light for the disbursement of the €7.5billion bailout tranche form the European Stability Mechanism on Thursday evening. The Budget Committee of the German Bundestag approved the disbursement on Friday morning. According to Reuters, the Germans approved the whole tranche package of €7.5bn and the sub-tranche of €2.8bn, a total of  €10.3 billion.

The Eurogroup is expected to approve the disbursement on June 16th.

On Thursday European Economic and Monetary Affairs Commissioner Pierre Moscovici expressed confidence that the Eurogroup will also decide in favor of the payment of the sub-tranche to Greece. “I am certain that the work done will bear fruit and next week at the Eurogroup [meeting] in Luxembourg we will be able to decide for the disbursement of the 10.3 billion euros to Greece, of which 7.5 billion will be paid out immediately,” Moscovici said.

Fruits, veggies or euros, the 7.5bn will be in Athens in time, so the Greece will pay back its creditors ECB, IMF) and will not default to its creditors.

See? Greeks’ sacrifices get an award, another award which is in fact an award loan.

PS and we all will go the beach until the second Review discussions will start.

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