European Stability Mechanism formally approves Greece third bailout

‘Eurozone finance ministers have formally approved the third bailout for Greece after parliaments in member states supported the move.

“The Board of Governors of the European Stability Mechanism approved today the ESM managing director’s proposal for a financial assistance agreement with Greece,” the board said in a statement released on Wednesday.

“Under the terms of this agreement, which the ESM Board of Directors also approved on Wednesday, the ESM will provide up to €86 billion ($95 billion) in financial assistance to Greece over three years,” the statement read, adding that the total amount of financial assistance depends on Greece’s success in implementing policy reforms.

The Board of Governors is comprised of the finance ministers of the 19 countries of the eurozone.’

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