Greece

The Greek authorities have requested a precautionary Stand-By Arrangement in an amount of SDR 1.3 billion (55 percent of quota, about €1.6 billion). Unutilized resources under the European Stability Mechanism (ESM)-supported program amount to €54 billion. The arrangement is proposed to be approved in principle, to become effective once specific and credible assurances on debt relief are received from Greece’s European partners to restore debt sustainability, and to expire on August 31, 2018, shortly after the expiration of the ESM program.