ESM urges Greece to act fast on reforms to get new bailout loans in June

The European Stability Mechanism is ready to prepare the payout of vital bailout loans in June for crisis-hit Greece, but the country needs to "act swiftly" on bailout reforms, ESM Chief Economist Rolf Strauch said on Wednesday.

Strauch also said that Greece's European lenders will keep looking at ways to ease the country's debt burden, after eurozone finance ministers and the International Monetary Fund failed to reach agreement on debt relief last week.

"The ESM stands ready to prepare the disbursement once all the conditions are met," Strauch said during a conference in Athens. "It is not too late to unlock the disbursement in June. But Greece needs to act swiftly."

Greece needs about 7 billion euros in loans from its 86-billion euro rescue package to repay debt maturing in July, but the disbursement hinges on its lenders' assessment of its bailout...