REUTERS
On 17 July 2015, The Council of the EU granted up to EUR 7.16 bln in short term financial assistance to Greece under the European Financial Stabilisation Mechanism (EFSM), according to the organization’s press-release.
The loan will have a maximum maturity of three months and will be disbursed in up to two installments.
It is believed to allow the crisis-torn country to clear its arrears with the IMF and the Bank of Greece and to repay the ECB, until Greece would start receiving financing under a new program from the European Stability Mechanism (ESM), according to the press release.