Latest updates on Greece

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 29^th, however capital control remains in place.

Greece will need to pass next set of measures on Wednesday to stay in the negotiating process.