1. Greece gets $14.5 billion to pay debts, part of new bailout

Greece gets $14.5 billion to pay debts, part of new bailout

Greece is receiving the first 13 billion-euro ($14.5 billion) payment of its new bailout, with 12 billion euros earmarked for repaying debts and the remainder for settling arrears to public sector suppliers.

By: | Athens | Published: August 20, 2015 12:20 PM
Greece bailout

Greece’s partners about any rushed deal to lend more money to a country that on Tuesday became the first advanced economy ever to default on the IMF, missing a 1.5 billion euro debt repayment.

Greece is receiving the first 13 billion-euro ($14.5 billion) payment of its new bailout, with 12 billion euros earmarked for repaying debts and the remainder for settling arrears to public sector suppliers.

Athens is using the funds to repay a 3.2 billion euro ($3.5 billion) debt installment due Thursday to the European Central Bank – an amount it could not have afforded to repay without the bailout from 18 other European nations that share the euro currency with Greece. It’s Greece’s third bailout over five years.

The new three-year bailout is worth 86 billion euros ($95.6 billion), and the disbursement of funds is dependent on the Greek government implementing a series of reforms, including steep tax hikes and spending cuts.

European bailout fund supervisors approved the release Wednesday evening.

Tags: Greece
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