After eleven hours of negotiations, Euro zone finance ministers have approved new loans to Greece worth EUR 10.3 billion, the European Council`s press service reported.
”The second tranche under the ESM [European Stability Mechanism] program amounting to EUR 10.3 billion will be disbursed to Greece in several disbursements, starting with a first disbursement in June (EUR 7.5 bln) to cover debt servicing needs and to allow a clearance of an initial part of arrears as a means to support the real economy,” a statement reads.
The Eurogroup also recalled the medium-term primary surplus target for Greece at 3.5% of GDP as of 2018 and underlined the ”importance of a fiscal trajectory consistent with the fiscal commitments under the EU framework.”
It is noted that the Eurogroup agrees to assess debt sustainability under the baseline scenario, according to which gross financing needs should remain below 15% of GDP during the post program period for the medium term, and below 20% of GDP thereafter.
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