![ESM: Disbursement of €747.72 million tranche to Greece](https://www.in.gr/wp-content/uploads/2022/07/esm.jpg)
ESM: Disbursement of €747.72 million tranche to Greece
Klaus Regling: Greece’s reform progress continues
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Greece’s official lender (ESM/EFSF) “green lighted” today the penultimate package of debt interventions worth 747.72 million euros before the full completion of the Enhanced Supervision regime.
The Board of Directors of the European Financial Stability Fund (EFSF) decided to eliminate, for the period from January 1 to June 17, 2022, the interest rate increase for a loan that Greece received in 2012. The 2% interest rate hike was related to an €11.3 billion loan that Greece took out from the EFSF under its second program to finance its debt buyback in 2012.
The decision was taken in the context of the medium-term measures to alleviate the Greek debt after the last positive assessment of the Greek economy by the European institutions. The relief from these measures amounts to 103.3 million euros.
In addition, the ESM transferred on Friday the amount of 644.42 million euros to Greece, which corresponds to profits that Eurozone central banks had from Greek bonds (SMP and ANFA).
The head of the ESM and EFSF, Klaus Regling, noted Greece’s continuous progress in implementing reforms under difficult conditions like the pandemic crisis and the economic impact of the war in Ukraine. The government implemented reforms related to fiscal management, property taxation, the justice system and the Financial Stability Fund. “The European institutions positively assessed the completion of Greece’s reform commitments in the first half of 2022, paving the way for this tranche of debt relief measures linked to the above commitments,” noted Mr. Regling
Also, Mr. Regling noted that Greece’s reform progress and the completion of the enhanced supervision framework are indications of the country’s economic recovery and normalization, but counseled continuing efforts particularly with regard to financial sector policies, the liquidation of public arrears, primary health care and labor legislation.
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