Athens rushing to reduce arrears and secure 800 mln in bailout funds

EconomyMacroeconomy Tags: Arrears, Pensions
Photo by Panayotis Tzamaros/Fosphotos
Photo by Panayotis Tzamaros/Fosphotos

The Greek Finance Ministry finds itself in a race against time to meet the target of paying back some of its arrears to the private sector and secure the last part of the European Stability Mechanism (ESM) disbursement worth 800 million euros.

Following the conclusion of the second review, the ESM board approved on July 7 the disbursement of 8.5 billion euros to Greece in two instalments. The first was released immediately to meet 6.9 billion euros of debt obligations and 800 million euros fo...

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