European Bailout Fund Approves Release of Funds for Greece

European bailout fund supervisors on Wednesday approved the release of billions of euros to help rebuild Greece’s devastated economy just as a new debt payment looms.

German Chancellor Angela Merkel, center, stands between lawmakers after she casts her vote on a bailout package for Greece, in the German parliament Bundestag in Berlin, Wednesday, Aug. 19, 2015. (AP Photo/Markus Schreiber).

BERLIN — European bailout fund supervisors on Wednesday approved the release of billions of euros to help rebuild Greece’s devastated economy just as a new debt payment looms.

The move — a virtual formality — came after Germany’s parliament approved the bailout package, along with the assemblies of other creditor nations, removing a big hurdle to release the new loans.

The European Stability Mechanism board said that it “will provide up to 86 billion euros ($95 billion) in financial assistance to Greece over three years.” A first tranche of 26 billion euros ($29 billion) can now be made available to meet Greece’s debts and help recapitalize its banks.

Greece is due to make a new debt payment to the European Central Bank on Thursday.

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