The European Stability Mechanism (ESM) has approved the €26 billion first tranche of the third bailout for Greece on Thursday. The ESM said that it transferred €13 billion immediately.

"I am relieved that after intense negotiations with the Greek government and approval by our members, all conditions are now in place to make this disbursement in time," said ESM Managing Director Klaus Regling.

Greece has repaid €3.2 billion to the European Central Bank (ECB) after receiving the first tranche.