Euroworking group (EWG) gives green light for Greek plan

13bln Euros to go immediately to Greek creditors

Greek government sources say the preparatory Euroworking group (EWG), which had met earlier Friday has given the ‘green light’ for the new 3-year Greek bailout plan. The same sources told reporters that this means 13bln Euros will be immediately released, earmarked for payments to Greece’s creditors, while 500mln will be used for arrears. A second phase involves the release of a further 10bln to be used exclusively for Greek bank liquidity.