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1st LD: ESM approves Greek third bailout plan, to unlock first 13 bln euros

Xinhua, August 20, 2015 Adjust font size:

The European Stability Mechanism (ESM) on Wednesday approved Greek third bailout package, unlocking the first disbursement of 13 billion euros to Greece a day before it has to repay a 3.2-billion-euro loan to the European Central Bank.

"ESM Board of Governors decides ESM programme for Greece, comprehensive info package will be published shortly," the ESM tweeted after a teleconference of its board of governors, comprising the finance ministers of the eurozone's 19 countries.

According to a statement released by ESM, the board of governors approved a proposal for a Financial Assistance Facility Agreement (FFA) with Greece, under which the ESM will provide up to 86 billion euros in financial assistance to Greece over a period of three years.

The board also adopted a Memorandum of Understanding (MoU) with Greece, specifying the policy measures that the Greek government has agreed to undertake in order to tackle the main challenges facing its economy, the statement said.

The first tranche under the ESM program will be worth up to 26 billion euros, in which 10 billion euros will be made available immediately for bank recapitalization.

The other 16 billion euros will be disbursed to Greece in several installments, starting with a first disbursement of 13 billion euros by Aug. 20, followed by one or more further disbursements in the autumn. Endit