The European Stability Mechanism (ESM) disbursed the fifth and final installment to Greece in the context of the adjustment program. From the 15 billion euros installment, 9.5 billion will be used to create the liquidity cushion and 5.5 billion to repay the debt.
Following this disbursement, the cushion will reach a total of 24 billion euros and will cover approximately 22 months of the country’s financing needs after the end of the program on August 20th. Overall, ESM’s financial support to Greece, under the third program, amounts to € 61.9 billion, out of the € 86 billion originally available.
The disbursement of the last installment of the program marks the last act of the drama of the memoranda, Megaron Maximou said in a statement, adding that now it is possible to open a new page of progress, justice and development.