ESM tells Greece no money if prior actions not met

ESM tells Greece no money if prior actions not met

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esm

The head of the European Stability Mechanism (ESM), Klaus Regling sent a clear message to the Greek government that the 7.5bln Euro installment would not be released to the cash strapped country if it failed to implement all the prior actions agreed at the May 24 Eurogroup meeting.

The warning comes after Greek Finance Minister Euclid Tsakaltotos sent a letter to IMF European head Poul Thomsen, and European Commissioner for Economic and Financial Affairs Pierre Moscovici that the Greek government did not intend to implement 8 of the prior actions agreed at the Eurogroup meeting.

The ESM uploaded a detailed FAQ on its website explaining how the disbursement of the installments to Greece would take place, where it states that the money will be released for Greece in a series of tranches once the country has met the prior actions emanating from the Eurogroup deal of May 24. ‘The first 7.5bln Euro installment will be used to cover debt and other public obligations’, reads the text on the ESM website.

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