BRUSSELS — The European Stability Mechanism approved the release of a third tranche of bailout funds to Greece worth 8.5 billion euros (7.51 billion pounds) on Friday, the ESM said in a statement. A first disbursement will amount to 7.7 billion euros and is expected to be made by on Monday, the euro zone bailout fund said. Some 6.9 billion euros will be used to service debt and 0.8 billion to clear arrears. Greece needs new loans under its current 86-billion-euro bailout programme, the third since 2010, to make debt repayments due this month. "This payment is recognition of the tremendous efforts that the Greek people have continued to make to stabilise their economy," European Economics Commissioner Pierre Moscovici said in a statement.

Source: New York Times July 07, 2017 13:49 UTC