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Tag Archives: ESM

MNI European lenders & IMF in “political deadlock” over Greek dept

Greece’s European lenders and the International Monetary Fund are in political deadlock over the Greek debt. German news agency MNI reports of a secret meeting last Saturday in Washington where high-ranking representatives from European institutions (ECB, ESM and EU Commission) and Poul Thomsen from the IMF talked about the Greek …

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ESM Regling: “Varoufakis cost Greece 100 billion euro”

Head of the European Stability Mechanism Klaus Regling said that the cost for Greece for having Yanis Varoufakis as Finance Minister was 100 billion euro. In an interview to private Skai TV, Regling said that he estimates the cost for Greece to be 100 billion euro, “although there was no …

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Program Review concluded, ESM approves €7.5bn, Supplemental MoU with more measures

Greece passed the test “Program Review” with success, after the government completed all prior actions. Therefore the board of directors of the European Stability Mechanism (ESM) approved the disbursement of €10.3 billion. It is the second tranche of the third bailout. The first disbursement of  €7.5 billion, is expected to …

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UPD ESM acknowledges, it is considering Debt Relief for Greece

The European Stability Mechanism has acknowledged that it is considering ways to grant debt relief to Greece, possibly by fixing the interest level at current low rates or by extending its maturities further. The ESM said in August 2015 that euro area finance ministers stood ready to consider, if necessary, …

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ESM Regling prepares ground for new loan: “Sooner or later Greek govt will be out of liquidity”

Odd. It’s normally German Finance Minister Wolfgang Schaeuble who ‘announces’ plans for new Greek programs and additional loans. Apparently, this time, the Germans made an arrangement among themselves: That ESM chief, German Klaus Regling will bring the bad news. It’s logical, as Schaeuble tries to topple Chancellor Merkel and cannot …

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Creditors hand out Greece One Billion Euro bailout tranche

Greece’s European creditors gave the green light for the disbursement of the one billion euro in the context of the third bailout program. According to some news agencies, the creditors have already even “handed over” the one-billion-euro. The bailout tranche release has been made after creditors came to conclusion that …

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Let the Recap begin! ESM releases €2.72bn for Piraeus Bank

The Board of Directors of the ESM decided today to release €2.72 billion to Greece to recapitalise Piraeus Bank. This amount will be subtracted from the €10 billion held in a segregated account at the ESM and designated to cover the Greek banking sector’s potential resolution and recapitalisation costs, part …

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Creditors approve €2billion disbursement for Greece

The borad of directors of the European Stability Mechanism approved the disbursement of 2 billion euro bailout tranche to Greece. In a statement issued Monday afternoon the ESM said that the money will primarily be used for debt service, as well as for arrears clearance, and co-financing projects funded by …

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Greece requests 3-Year Program/Loan – Copy of Letter to ESM

Greece sent Wednesday morning a letter to European Stability Mechanism requesting a 3-year loan in order to “meet its financial obligations” and “ensure stability of the financial system.” It is the 3. bailout Greece is going to receive since 2010 as austerity programs without provisions for growth have led to …

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German Constitutional Court Rules in Favor of Euro Rescue Fund (ESM)

The Euro Zone is relieved. Germany’s Constitutional Court ruled in favor of the Euro Rescue Fund – European Stability Mechanism (ESM). However the judges limited Germany’s fund liability up to 190 billion euro unless the German Parliament decides to make more funds available. The court said that condition  for allowing the ESM-ratification was that any …

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