Moscovici hails fund disbursement

EU Economic and Financial Affairs Commissioner Pierre Moscovici has hailed a decision by the European Stability Mechanism (ESM) Tuesday to approve 2.8 billion euros for Greece from its third bailout, while urging the government in Athens to implement agreed reforms.

“Today's payment is recognition that Greece is making real progress in paying down its arrears,” Moscovici said adding that more money flowing into the real economy means more resources for investment and job creation.

“What is vital now is for Greece to deliver on its reform commitments. As ever, effective implementation is key,” Moscovici said.

Following the latest disbursement, Greece will have received 31.7 billion euros of the 86-billion-euro bailout granted in July 2015, its third since being engulfed by debt in 2010.