Greece to get first bailout tranche by August 17

14:18, 21 July 2015
World
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Greece’s creditors plan to disburse the first tranche under a new three-year bailout program by August 17, Bloomberg reported citing an international official with knowledge of the matter.

REUTERS

Officials from the European Commission, the European Central Bank and the International Monetary Fund are working on a new Memorandum of Understanding, setting out the conditions for the emergency loans for the next three years, the person told. The schedule for the weeks ahead is tentative and depends on the progress achieved in negotiations between the two sides, according to Bloomberg.

However, the timing for the approval of a package worth EUR 86 billion ($94 billion) is quite delicate. As noted, the national parliament should approve a new bailout program by August 13 so that a disbursement can take place in time for a bond redemption of about EUR 3.2 billion for notes held by the European Central Bank. On Monday, Greece paid the ECB punctually about 4.2 billion euros in maturing debt and interest.

As UNIAN reported earlier, German Chancellor Angela Merkel, French President Francois Hollande, European Council President Donald Tusk, and Greek Prime Minister Alexis Tsipras drafted a document aimed at solving the Greek debt problem.

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