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The European Commission has sent € 7.16 billion to Athens as part of emergency financing or bridge loan to prevent a default by Greece to European Central Bank (ECB), which would have forced ECB to withdraw Emergency Lending Assistance (ELA) to Greek banks.
Among this amount € 4.2 billion will go to ECB as part of € 3.6 billion in bond payment and €0.6 billion towards interest payment.
Greece will clear its arrears with International Monetary Fund (IMF) by repaying € 2 billion.
Another €0.6 billion will go towards Bank of Greece, which was also defaulted by Greek government.
The remaining amount € 1.76 billion will go to an Escrow account which will serve as a Guarantee for this bridge loan provided by European Financial Stability Mechanism (EFSM). ECB will put €1.85 billion to this escrow account, which is the profit it made by holding Greek bonds.
On domestic front -
Greek banks open for the first time today since July 29th, however capital control remains in place.
Greece will need to pass next set of measures on Wednesday to stay in the negotiating process.
