ESM Releases €1B to Greece After Reform Bill is Passed

A week before a crunch eurozone meeting for Greece, and on the same day Greek lawmakers passed a raft of economic reforms — the so-called ‘prior actions’ the European Stability Mechanism (ESM) released to Athens a tranche of €1 billion ($1.16 billion).

In a statement, ESM Managing Director Klaus Regling said: “I am pleased to note that the Greek government has made sufficient progress in clearing its arrears to the private sector.”

Talks about debt relief for Greece are expected next week as the eurozone meeting in Luxembourg tries to plot a course for Greece when it exits the €86-billion bailout in August this year.

Greek lawmakers narrowly passed  the bill — which contains controversial measures on privatizations and property taxes — by 154 votes to 144.