The board of directors of European Stability Mechanism did not approve the release of one billion euros sub-tranche for Greece on Friday. The board of ESM reportedly requested more data about the arrears of the Greek state to the private sector, ERT TV reported. The board of directors is expected to release the tranche next week, the Greek state broadcaster said.
The Board of Directors was informed of the institutions’ assessment of Greece’s progress in the payment of outstanding arrears to private sector.
“The evaluation was not considered satisfactory,” media report. In particular, it was found that the Greek authorities are required to confirm that certain payments for the settlement of outstanding debts have been initiated.
The tranche will be available until June 15. If no positive decision the money will return to ESM, cnngreece reports.
- Citing a government official ERT TV reported that the one-billion-euros tranche will be released on June 15.
The release of € 1 billion under the fourth tranche of financial assistance to Greece was on the agenda of the Board of Directors on Friday morning. Prior to the meeting, the ESM had announce din a statement the the board of directors was to consider the institutions’ assessment
of Greece’s progress in arrears clearance.
A satisfactory assessment under the terms of the fourth tranche of financial assistance to
Greece would pave the way for the Board of Directors to consider the release of the remaining
€1 billion earmarked for arrears clearance under this tranche.
On 27 March 2018, the Board of Directors approved the fourth tranche of financial assistance to
Greece a mounting to €6.7billion, including the release of €5.7 billion for debt servicing needs,
arrears clearance and for the building up of a cash buffer under this tranche. On
22 March 2018 , the Board of Governors approved the Supplemental Memorandum of Understanding with Greece in the context of the third review of the ESM programme.
PS one last hazing before the end of the program….