ESM to decide whether to disburse remaining 800 mln euros to Greece on October 26

The European Stability Mechanism (ESM) said on Monday its board will meet on October 26 to discuss whether to disburse the remaining 800 million euros of aid to Greece. The disbursement will depend on whether the state has made progress in clearing its arrears.

“The Board of Directors will consider the institutions’ assessment of Greece’s progress in arrears clearance. A satisfactory assessment under the terms of the third tranche of financial assistance to Greece would pave the way for the Board of Directors to consider the release of the remaining €0.8 billion earmarked for arrears clearance under this tranche,” the organization said in a press release.

In July, the Board of Directors approved the third tranche of financial assistance amounting to 8.5 billion euros, as well as the release of 7.7 billion euros for debt servicing needs and arrears clearance under this tranche. The Board of Governors then approved the Supplemental Memorandum of Understanding with Greece in the context of the second review of the ESM program.