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Greece faces delay in major rescue loan payout

July 13, 2018

BRUSSELS (AP) — A eurozone rescue fund says a bailout loan instalment to Greece worth 15 billion euros ($17.5 billion) will be delayed by several weeks after Germany objected.

The European Stability Mechanism said Friday that its board had approved the payment in principle. But officials said Germany had objected to the immediate payment, insisting that Athens had not yet met all the necessary requirements.

Greece has been asked to find an additional 28 million euros in 2018 budget savings, after extending a sales tax discount on islands affected by the ongoing refugee crisis.

The country’s third successive international bailout ends in late August.

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