World Economy

Greece Bailout Funds Released

Greece Bailout Funds ReleasedGreece Bailout Funds Released

Greece needs the money to pay off growing state arrears, maturing ECB bonds and International Monetary Fund loans. Talks with its foreign creditors over Greece’s efforts to implement a reform program have dragged on for six months, Reuters reported. The European Stability Mechanism “disbursed today €7.5 billion ($8.50 billion) to Greece,” Klaus Regling, the managing director of the fund, said after meeting Greek Finance Minister Euclid Tsakalotos in Athens. Athens will use €5.6 billion of the amount to pay debts and €1.8 billion for state arrears. Interest rates charged on Greek loans are at 0.8% currently and the average maturity of the loans is 32 years, Regling said.