Athens borrows from Peter to pay Paul

‘Greece’s creditors have released a €2.8 billion tranche from the country’s €86 billion bailout program. Part of the tranche – €1.1 billion will be used by Athens for debt servicing, another €1.7 billion for clearing arrears.
The funds were approved this month after Athens completed the required economic reforms.
“Today’s decision to disburse €2.8 billion to Greece is a sign that the Greek people are steadily making progress in reforming their country,” the Board of Directors of the European Stability Mechanism (ESM) said.’
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