News Column

Greece Gets $5.3 Billion Eurozone Bailout Disbursement

July 31, 2013
100 euro notes

Eurozone's bailout funds were transferring 4 billion euros (5.3 billion dollars) in fresh aid to Greece Wednesday, after the crisis-battered country fulfilled all the conditions demanded by its international creditors for the next instalment.

The temporary European Financial Stability Facility (EFSF) disbursed 2.5 billion euros in bailout cash, which is to be used for "budget financing and debt servicing needs."

The eurozone's permanent rescue fund, the European Stability Mechanism (ESM), is providing another 1.5 billion euros stemming from a separate interest-yielding programme that involves the central bank purchases of Greek bonds.

"The transfer ... shows the additional solidarity of the euro area member states with the Greek people who are making considerable efforts to overcome the crisis," ESM Managing Director Klaus Regling said in a statement.

The International Monetary Fund had on Tuesday also given a green light for its contribution to the Greek aid - another 2.3 billion dollars. The Washington-based lender has now issued nearly 11 billion dollars to Greece, while the EFSF has provided 133 billion euros.

The country has already been promised another 1 billion euros from the eurozone in October if it continues to make progress on reforms.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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