ATHENS — Greece has repaid some 3.2 billion euros ($3.5 billion) owed to the European Central Bank in the form of a redemption of a government bond, after receiving the first tranche of financial assistance from the eurozone bailout fund, according to a Greek government official. The European Stability Mechanism earlier on Thursday had approved the first disbursement of bailout funds worth some €26 billion, part of an up to €86 billion rescue loan agreed in return for Greece’s implementation of economic reforms. The ESM said it was making a €13 billion payment to Greece immediately. About €12 billion is expected to be used to pay down debt, including an earlier bridge loan received late July and redemption of maturing Greek government bonds held by the ECB. “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. The move follows Wednesday’s final approval of the Greek bailout by eurozone finance ministers after the earlier ratification of the rescue by German lawmakers. In the first ESM disbursement, one tranche of €10 billion has been placed in a segregated account and can be used, on Greece’s request, for recapitalizing or winding up Greek banks. Greece gets another €3 billion tranche by the end of November at the latest once Athens has met the necessary conditions for the disbursement.

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