June 14, 2018 / 3:35 PM / 3 months ago

Euro zone creditors agree key payment to Greece before debt relief talks

BRUSSELS, June 14 (Reuters) - Euro zone creditors approved on Thursday a new disbursement of 1 billion euros ($1.16 billion) to Greece, a move that was seen as a precondition for talks on new debt relief measures for Athens next week.

The euro zone bailout fund, the European Stability Mechanism (ESM), authorised the new payment which will be used for the clearance of arrears. The move came one week before a crucial meeting of euro zone finance ministers in Luxembourg which is expected to decide on Greece’s financial future.

The release of funds was subject to a positive assessment by the European institutions of the clearance of net arrears by the Greek government.

“I am pleased to note that the Greek government has made sufficient progress in clearing its arrears to the private sector”, ESM Managing Director Klaus Regling said in a statement. ($1 = 0.8586 euros) (Reporting by Francesco Guarascio)

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