Greece To Receive 23bn Euro Cash Injection

Greek Prime Minister Alexis Tsipras was on Wednesday mulling over wether to hold early elections after the austerity bailout split his Syriza party.

Greek Prime Minister Alexis Tsipras was on Wednesday mulling over wether to hold early elections after the austerity bailout split his Syriza party.

Greek Prime Minister Alexis Tsipras was on Wednesday mulling over wether to hold early elections after the austerity bailout split his Syriza party.

Greece is set to receive the first installment of its third multi-billion-euro bailout Thursday, just as a key repayment to the European Central Bank falls due. A source close to the matter said Greece would receive 23 billion euros on Thursday morning, allowing Athens to make a loan repayment of 3.4 billion euros due the same day to the European Central Bank. Greece got the green light on Wednesday to start repaying it’s debts and reviving it’s economy after eurozone finance ministers finally approved the third reforms-for-rescue package of up to 86 billion euros. “This agreement provides perspective for the Greek economy and a basis for sustainable growth,” said Jeroen Dijsselbloem, head of Eurogroup of eurozone finance ministers, vowing officials would monitor the process closely. The German parliament voted by an overwhelming majority to back the third bailout, with Chancellor Angela Merkel spared a major rebellion of deputies opposing the aid. The lawmakers in the Bundestag lower house approved the rescue plan by 453 votes to 113. Eighteen abstained. Thursday’s initial 23 billion euro payment will see 10 billion euros placed in a fund to recapitalise Greek banks, while another 13 billion euros will be partly used to payback both the ECB and to cover an EU bridging loan of 716 billion euros, which was given in July to allow Athens to honour previous commitments to the ECB and the IMF.

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Chukwunonso Azinge is a Public health parasitologist whose variety of intrests ranges from international news reportage, writing articles on current world issues and of course football. Follow me on Twitter @azingelfc and on Facebook- Nonso 'King Kenny' Azinge.

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