The Bank of Greece headquarters in Athens. The ESM has approved the next tranche of bailout funds for the country. Thanassis Stavrakis/AP
The Bank of Greece headquarters in Athens. The ESM has approved the next tranche of bailout funds for the country. Thanassis Stavrakis/AP
The Bank of Greece headquarters in Athens. The ESM has approved the next tranche of bailout funds for the country. Thanassis Stavrakis/AP
The Bank of Greece headquarters in Athens. The ESM has approved the next tranche of bailout funds for the country. Thanassis Stavrakis/AP

Business

Greece wins €6.7bn loan as part of third ESM bailout instalment

European Stability Mechanism said the approval came after the Greek government completed a series of required reforms

AP

March 27, 2018

  • English
  • Arabic

Europe's bailout fund on Tuesday approved a €6.7 billion (Dh29.56bn) loan instalment to Greece as part of its third international rescue programme, with payment of the first €5.7bn expected this week.

The European Stability Mechanism said the approval came after the Greek government completed a series of required reforms. The funds will be used to service public debt and clear domestic arrears.

"Today's decision ... acknowledges the hard work by the Greek government and Greek people in completing an extensive set of reforms," said ESM head Klaus Regling. The reforms were in tax policy, privatisations and the resolution of non-performing loans, among others.

The ESM said the initial €5.7bn are to be disbursed Wednesday. The remaining €1bn, to be used for clearing arrears, may be disbursed after May 1 if the country "makes progress in reducing its stock of arrears".

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Read more:

Greek parliament set to probe 10 politicians, as bribery scandal grips country

Athens to pay out €1.4 billion to Greek citizens hurt by austerity

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Greece has depended on billions of euros from international rescue loans since 2010, and its third bailout is due to end this summer. In exchange for the money, successive governments have had to implement often painful economic and structural reforms, including tax increases and severe cuts to pensions and public spending.

Mr Regling said he was "confident that Greece is on track to successfully exit the ESM programme in August 2018, provided that the remaining reforms are implemented by the Greek government".

Greece's financial crisis has wiped out a quarter of the economy and led to persistently high unemployment, which continues to hover above 20 per cent. The frequently unpopular reforms have also led to street protests.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
While you're here
CONFIRMED%20LINE-UP
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RESULTS

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

Tips for SMEs to cope
  • Adapt your business model. Make changes that are future-proof to the new normal
  • Make sure you have an online presence
  • Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
  • Open communication with customers to see how they are coping and be flexible about extending terms, etc
    Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
GreeceEconomyEurope