The Board of Directors of the European Financial Stability Facility (EFSF) approved on Wednesday the disbursement of a 1 bln euros loan tranche to Greece, “taking into account the implementation of a set of milestones agreed in April 2014”. EFSF board’s decision reflected Euro Working Group’s recommendation, earlier in the day.
This is the third and final tranche of the total 8.3 bln euros instalment approved by the Eurogroup following the conclusion of the fourth review mission of Greece’s macroeconomic adjustment programme. After Wednesday’s disbursement, total EFSF financial assistance for Greece will reach 141.8 bln euros, while another 1.8 bln euros will remain available from the EFSF.
The Finance Ministry issued a statement in which it noted that EFSF’s release of the latest loan tranche follows new government legislation concerning “significant structural reforms with grave and long-term benefits for the Greek economy”, including anti-corruption and transparency in political parties’ funding measures, the safeguarding of the sustainability of supplementary social security funds, as well as the lowering of bureaucratic costs to entrepreneurship.