The Board of Directors of the European Stabilization Mechanism (ESM) approved the allocation of Greece's third tranche of financial assistance amounting to 8,5 billion euros. The relevant information is contained in the ESM report, published on Friday, 7 July.
ESM notes that the tranche will be provided to Athens in parts. Most of the amount - 7,7 billion euros - can be transferred to Greece on Monday, 10 July.
Earlier, 24 June, the international agency Moody's for the first time in two years increased the rating of Greece - from Caa3 to Caa2. Among the reasons for improving the assessment, Moody's named emerging signs of stabilization of the country's economy and the successful negotiation of the third tranche of aid.
In the summer of 2015, Greece and the European Union agreed on a program to exit the debt crisis. Athens will receive 86 billion euros for three years. In exchange for this, a saving regime should be introduced in the country, including, in particular, the reform of the tax and pension systems.