“From new loans up to € 86 billion “will be granted to Greece over the next three years, said the European Commission. The first tranche will amount to 26 billion euros. This will be further divided into sub-groups.
The first installment will be a “immediate” 10 billion placed on a separate account for the recapitalization of banks grecques.La second “sub-band” of 16 billion euros will begin with a payment of 13 billion by 20 August, followed by one or more in the fall, according to the implementation of reforms, said the Eurogroup in a statement.
Greece will therefore bridging loan needed to honor August 20 a refund of 3.4 billion euros to the European Central Bank, as had been envisaged a time, especially by Germany who wanted to take more time to negotiate the agreement.
“A proof that Europe is capable of advancing”
“The last six months have been difficult. They tested the patience of policymakers and even that of our citizens. Together, we rubbed the abyss, “said in a statement the president of the European Commission, Jean-Claude Juncker. “But today I am pleased to announce that all parties have fulfilled their commitments” and “the message of the Eurogroup is clear. On this basis, Greece is and will remain irreversibly a member of the euro area”
The President Francois Hollande also expressed his satisfaction after the announcement of the agreement. “This is a proof that Europe is able to move forward on the basis of the principles of solidarity and responsibility, said the Elysee in a statement. It is also an achievement for Greece, which was the expected efforts by voting this third program this morning. (….) This milestone was achieved thanks to the determination of Alexis Tsipras who has embarked on the path of courageous reforms and respect its principles of justice. France will be at his side “
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