According to the statement, the first tranche of €26 billion under the ESM program will consist of two sub-tranches. The first sub-tranche of EUR 10 bln will be made available immediately in a segregated account at the ESM for bank recapitalization and resolution purposes.
The second sub-tranche of €16 bln will be disbursed to Greece in several installments, starting with a first disbursement of €13 bln by August 20, the statement said.
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