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European bailout fund approves 6.7 billion euros for Greece

Greece has depended on international rescue loans since 2010. Its third bailout ends this summer.

Europe’s bailout fund has approved a 6.7 billion euro (£5.9 billion) loan instalment to Greece as part of its third international rescue programme.

The European Stability Mechanism said the approval came following the Greek government’s completion of a series of required reforms.

The funds will be used to service the country’s debt and clear domestic arrears.

The ESM said an initial fund of 5.7 billion euros (£5 billion) is to be disbursed on Wednesday.

The remainder, to be used for clearing arrears, may be disbursed after May 1 if the country “makes progress in reducing its stock of arrears”.

Greece has depended on international rescue loans since 2010. Its third bailout ends this summer.

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