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EC Prepares Supplemental Memorandum for Greece to Pave Way for 7.5 Bln Euros

Euro-pressAn addendum to the current bailout terms is being prepared so that Greece can receive the first installment of the second tranche in June. The supplemental Memorandum of Understanding, agreed to by the European Stability Mechanism (ESM), will pave the way for Greece to get 7.5 billion euros in June (from the total 10.3 billion euros expected).
The European Commission, in its statement, describes the Eurogroup agreement as a “breakthrough” as it paves the way for the disbursement of the second tranche but also for measures on debt relief to be implemented on a gradual basis. “Above all, it will serve to create the conditions for the return of confidence, which is essential for a lasting economic recovery in Greece,” notes the EC statement.
The International Monetary Fund (IMF) confirmed its intention to recommend to the IMF Executive Board to approve a financial arrangement before the end of the year that will support the implementation of the agreed fiscal and structural reforms in Greece. The details of the agreement are set out in a statement.
The full implementation of outstanding prior actions and the completion of national procedures, will allow for a disbursement of a first installment to be made in June (7.5 bln euros). A supplemental Memorandum of Understanding, which is due to be endorsed by the ESM Board shortly, will complement the framework for the program implementation.

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