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Euro zone pays 800 million euros in credit to Greece

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10/26/2017 | 04:43pm EDT
A Greek national flag flutters as the moon rises in Athens

BRUSSELS (Reuters) - The euro zone bailout fund ESM decided on Thursday to pay out 800 million euros (708.77 million pounds) to Greece in a loan that is to be used to pay Greek government arrears.

"This is the remaining amount of the third tranche of ESM financial assistance, approved on 7 July 2017. It will be disbursed to a dedicated account for clearing arrears," the bailout fund said in a statement.

The ESM (European Stability Mechanism) said that after the disbursement approved on Thursday, ESM financial assistance for Greece would be at 40.2 billion euros.

Euro zone governments have so far disbursed 182 billion euros to Greece, including the amount approved today, making the rescue funds Greece's largest creditor by far.

The current ESM programme for Greece is scheduled to end in August 2018.

(Reporting by Jan Strupczewski; Editing by Richard Balmforth)

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