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Greece to receive full EU-IMF bailout funds by Wednesday after long delay

Greece will receive €16 billion to recapitalise its banks as part of the deal.

Image: AP Photo/Petros Giannakouris

GREECE WILL RECEIVE all of a long-awaited €34.3 billion  loan tranche from the EU and the IMF by Wednesday, a Greek official has said, hours after an initial payment was carried out.

“The full amount should arrive by Wednesday,” the official told AFP on condition of anonymity.

“A payment of €7 billion was made on Monday. There will be another €11.3 billion for debt buyback plus €16 billion to recapitalise Greek banks,” he added.

Following a decision by European leaders last week, another €14.8 billion from Greece’s ongoing EU-IMF assistance package is to be disbursed in the first quarter of next year.

Greece had been denied bailout funds since June owing to reform delays and a protracted electoral campaign that created uncertainty about the future of its promised fiscal overhaul.

The recession-hit country urgently needs the money to settle a €31.9 billion debt buyback carried out last week.

It must also recapitalise Greek banks that took a massive hit to their books in the spring from a write-down, a previous attempt to bring Greece’s huge sovereign debt under control.

- © AFP, 2012

Read: IMF approves latest €890 million loan – and warns against mini-Budget >

Read: Greek buy-back deal would wipe €20 million off national debt >

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