Eurozone rescue fund ESM pays final €15bn bailout loan to Greece

A eurozone rescue fund has paid its final €15-billion ($17.3-billion) bailout loan to Greece, after objections by Germany delayed the payment by a few weeks, AP reported. The European Stability Mechanism (ESM) said on Monday that €9.5 billion ($11 billion) of it would be used to build up a cash buffer to help Greece meet its financial needs for almost two years. The other €5.5 billion ($6.4 billion) would go toward paying off some of the country’s debt. According to ESM Managing Director Klaus Regling, the move shows “Greece has come a long way” during its three-year bailout program and that “the commitment and hard work of the Greek people are now paying off.” In mid-July, Germany objected to the immediate payment of the installment, claiming that Athens had not met all the requirements.