By Jonathan Davies

After months of negotiating, a referendum, the near obliteration of Greece's banking sector and riots in the streets of Athens, Greece has finally received the first tranche of its third bailout.

Europe's bailout organisation European Stability Mechanism (ESM) has approved the provision of €26 billion. €13 billion has gone straight to the Greek government, €10bn has gone to the country's troubled banking sector and the final €3bn will be disbursed in the autumn.

No sooner has Greece received the first tranche of funds from its third bailout, has it had to make a repayment to the European Central Bank (ECB).

Greece has used €3.4bn to repay a bond held by the ECB on its behalf.

ESM Managing Director Klaus Regling said: “Today’s ESM disbursement will allow Greece to meet its urgent financial obligations to the International Monetary Fund and the European Central Bank, and other budgetary needs. The second sub-tranche of €10 billion will contribute to stabilising the banking sector, whose situation deteriorated sharply after the imposition of capital controls in June."