ESM programme for Greece

The ESM will provide Greece with up to €86 billion in financial assistance over three years. The Greek government will use these funds for debt service, banking sector recapitalisation, arrears clearance, and budget financing. In order to return its economy to a growth trajectory and make its debt burden sustainable, the Greek government has committed to a series of far-reaching economic reforms.

On 8 July 2015 the Greek government submitted a request for financial assistance to the Chairperson of the ESM Board of Governors. The leaders of euro area countries reached an agreement with Greece on 13 July 2015 concerning a set of prior actions to be implemented urgently in order to start negotiations on an overarching reform agenda, set out in a Memorandum of Understanding (MoU). The ESM Board of Governors approved the MoU on 19 August 2015 following its endorsement by ESM members according to their national procedures. The MoU focuses on four key areas: restoring fiscal sustainability; safeguarding financial stability; boosting growth, competitiveness and investment; and reforming the public administration.

The loan agreement (the Financial Assistance Facility Agreement) was also approved by the ESM Board of Governors on 19 August 2015. The precise amount of ESM financial assistance will depend on the International Monetary Fund’s (IMF) decision regarding its participation in financing the programme, and on the success of reform measures by Greece, including the privatisation of state assets.

Disbursements of ESM financial assistance to Greece 1 (max. total committed: €86 billion; availability period ends on 20 August 2018)  

Date of disbursement Amount disbursed(€) Type of disbursment Maturity Cumulative amount disbursed (€)


13 bn
Cash Amortization from 2034 to 2059  13 bn
24/11/2015 2 bn Cash Amortization from 2034 to 2059

15 bn

01/12/2015 2.7 bn
Cashless Interim maturity coinciding with maturity of ESM notes2
17.7 bn
08/12/2015 2.7 bn Cashless Interim maturity coinciding with maturity of ESM notes2 20.4 bn
23/12/2015 1 bn Cash Amortization from 2034 to 2059 21.4 bn
21/06/2016 7.5 bn
Cash Amortization from 2034 to 2059  28.9 bn
Weighted average maturity of loans (excluding cashless disbursements): 32.04 years

1 The ESM has issued floating rate notes (see below) for the purposes of funding bank recapitalisation/resolution. Notes amounting to €5.4 bn were disbursed to Greece; the remaining €4.6 bn was not used and the notes were subsequently cancelled.

2 The amount was disbursed pro rata in ESM floating rate notes listed below. The final maturity will be in line with the maximum weighted average loan maturity of 32.5 years

Details of floating rate notes issued by the ESM 

ISIN Issuance date
Maturity Type Amount (€)


27/08/2015 27/02/2017 FRN
3 bn





3 bn





4 bn

Previous financial assistance for Greece

Euro area Member States provided the first financial assistance package to Greece, supplying €52.9 billion in bilateral loans under the Greek Loan Facility. EFSF financial assistance, part of the second programme, ran from March 2012 through June 2015. In this programme, the EFSF disbursed a total of €141.8 billion, of which €130.9 is outstanding. For more information on the EFSF programme, click here.

More details about EFSF financial assistance for Greece

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