Greece Receives Green Light for Next Bailout Tranche

The EuroWorking Group decided on Thursday night that Greece fulfils the preconditions to receive the next tranche of 7.5 billion euros and therefore all relevant documents have been sent to national parliaments for approval, if required. The budget committee of the German parliament has already voted in favor of releasing the aid money

The budget committee of the German Bundestag had no objections against unlocking the 10.3 billion euros in credit, conservative budget expert Eckhardt Rehberg said. Rehberg said 52 of 56 preconditions had been fulfilled, and the remaining four involved “formalities”.

Greece will only receive 7.5 billion euros for now, as the rest of the money will unlock in a second tranche also accompanied with more terms.

When the agreement is approved by all national parliaments, the European Stability Mechanism (ESM) will approve releasing the rescue funds. This meeting is scheduled for June 16-17.

According to Greek governmental resources, the tranche of 7.5 billion euros is expected to reach Greece before the UK referendum on Brexit on June 23.

Last week Greek lawmakers approved a set of extra measures demanded by international lenders to receive further bailout funds and cheap bank funding from the European Central Bank.