The European Stability Mechanism (ESM) announced it has officially released the 7.5bln Euro tranche to Greece. The announcement clarifies that the remaining 2.8bln Euros will be released once the country implements specific commitments emanating from the program. The mechanism underlines the money was released in order to aid the Greek state to cover its financial obligations to its foreign creditors and domestically.

ESM Director Klaus Regling said the decision was made in recognition of the Greek government’s commitment to adopt serious reforms. The announcement points out that thanks to the reforms that were implemented by Greek authorities, such as the pension and taxation system and the creation of the privatisation fund, the country is on the path of returning to economic growth. The announcement continues by reiterating the promise by the ESM board directors to aid in the alleviation of the Greek debt, as long as the country sticks to fulfilling the prior actions on a number of issues.