The next significant step is Greece’s preparation to enter the markets”, Klaus P. Regling, the Managing Director of the European Stability Mechanism (ESM) said. In a briefing note to the members of the ESM Mr. Regling made it clear that the second sub-tranche of the 8.5 billion euro package would be released after summer and under the condition that Greece had contributed its share to pay off its overdue debts. The paper to the ESM members clarified that the first 7.7 billion-euro tranche would be disbursed at the start of July after the conclusion of talks in EU national parliaments.