ATHENS:

The Pak Banker - - FRONT PAGE -

Greece on Thurs­day morn­ing re­paid 3.4 bil­lion eu­ros ($3.8 bil­lion) to the Euro­pean Cen­tral Bank af­ter hav­ing re­ceived its first tranche of bailout money from the Euro­pean Sta­bil­ity Mech­a­nism, media re­ports said. The re­pay­ment has been con­sid­ered a key step in the Greek debt cri­sis, in which a failed money trans­fer was seen as forc­ing the ECB to shut off emer­gency lend­ing to Greek banks. But af­ter the ESM ap­proved Greece's €86-bil­lion bailout pro­gram late on Wed­nes­day, the res­cue fund dis­bursed €13b to help Athens re­pay bonds.

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