The Eurogroup approved on Friday an €86 billion ($93 billion) bailout package aimed at rebuilding Greece's ailing economy, Sputnik reported.
"Based on the assessment of the Institutions, the ESM financial assistance facility agreement will cover an amount of up to EUR 86 bln. This includes a buffer of up to EUR 25 bln for the banking sector in order to address potential bank recapitalization and resolution costs," the Eurogroup said in a statement following a meeting of finance ministers of the 19-nation euro single currency group.
According to the statement, the first tranche of €26 billion under the ESM program will consist of two sub-tranches. The first sub-tranche of EUR 10 bln will be made available immediately in a segregated account at the ESM for bank recapitalization and resolution purposes.
The second sub-tranche of €16 bln will be disbursed to Greece in several installments, starting with a first disbursement of €13 bln by August 20, the statement said.