ocp192_en

4. Debt sustainability analysis and program financing4.2. PROGRAMME FINANCING133. Until December 2013, disbursements under the programme amounted to EUR 214.9 billion. Thisamount includes the disbursement on 18 December 2013 of the second tranche of the fourthdisbursement under the third review which completed the disbursements under the third review. Thedisbursement was subject to the implementation by the Greek authorities of the following milestones:(i) adoption of irreversible decisions on the restructuring, involving substantial downsizing, ahead ofprivatisation or on the resolution of ELVO, HDS and LARCO; (ii) validation of general governmententities of outstanding water and drainage bills to EYDAP and EYATH, confirmation of the level ofoutstanding debt and agreed claims and direct payment of all undisputed claims; (iii) placement of12,500 ordinary employees in the mobility scheme; and (iv) adoption of a code of lawyers revisinglegislative decree 3026/1954.Table 9. Disbursements under the Greek adjustment programmes (EUR billion)Past disbursements1 st programme Euro-area Member StatesIMFTotal1 st disbursement 18 May 2010 14.5 12 May 2010 5.5 20.02 nd disbursement 13 September 2010 6.5 14 September 2010 2.5 9.03 rd disbursement 19 January 2011 6.5 21 December 2010 2.5 9.04 th disbursement 16 March 2011 10.9 16 March 2011 4.1 15.05 th disbursement 15 July 2011 8.7 13 July 2011 3.3 12.06 th disbursement 14 December 2011 5.8 7 December 2011 2.2 8.01 st programme - Total disbursements 52.9 20.1 73.02 nd programme EFSF 1IMFTotal1 st disbursement 1 st tranche 2 12 March, 10 April and 25 April 2012 29.7 19 March 2012 1.62 nd tranche 3 12 March, 10 April and 25 April 2012 4.93 rd tranche 19 March 2012 5.94 th tranche 10 April 2012 3.35 th tranche 4 19 April 2012 25.06 th tranche 10 May 2012 4.27 th tranche 28 June 2012 1.0Total 74.02nd disbursement 1 st tranche 5 17 and 19 December 2012 34.3 16 January 2013 3.242 nd tranche 31 January 2013 23 rd tranche 28 February 2013 2.84 th tranche 3 May 2013 2.85 th tranche 6 31 May 2013 7.2Total 49.13rd disbursement 1st tranche 17 May 2013 4.2 6 June 2013 1.732nd tranche 25 June 2013 3.3Total 7.54th disbursement 1st tranche 31 July 2013 2.5 2 August 2013 1.712nd tranche 18 December 2013 0.5Total 3.02 nd programme - Total disbursements till December 2013 133.6 8.33 141.91 st programme and 2 nd programme - Total disbursements till December 2013 186.5 28.4 214.9Notes:1 This table does not include EUR 35.0 billion of EFSF notes handed over to the ECB on the 7 th of March 2012 as collateral, so that ECBcontinues to accept SD - rated Greek government bonds in monetary financing activities. EFSF notes have been released by the ECB on the 25 thof July 2012.2 Sweetener PSI, EFSF notes3 Accrued interest PSI, EFSF notes4 Bank recapitalisation, EFSF notes5 Includes bank recapitalisation6Bank recapitalisation, EFSF notesSource: European Commission and EFSF69