Greece to Receive Financial Aid Tranche in December
The next tranche of financial aid for Greece will be disbursed in December, Eurozone finance ministers have announced in a statement.
"The Eurogroup concludes that the necessary elements are now in place for Member States to launch the relevant national procedures required for the approval of the next EFSF [European Financial Stability Facility] disbursement, which amounts to 43.7 billion euros. EUR 10.6 bln for budgetary financing and EUR 23.8 bln in EFSF bonds earmarked for bank recapitalization will be paid out in December," the statement said.
The disbursement of the remaining amount will be made in three sub-tranches during the first quarter of 2013.
"Greece has already come a very, very long way and tonight the Eurogroup has rightly recognized that," said Olli Rehn, European Commissioner for Economic and Monetary Affairs, as cited by The New York Times.
Greece has been receiving bailout loans since May 2010 and has so far received nearly EUR 149 B of funds from Europe and the IMF, out of EUR 240 B promised in two bailout loans.