Greece has been granted the next tranche of its bailout package, the head of the Eurozone finance ministers announced this weekend.
The troubled country had completed its latest round of reforms, which have been implemented to make the country’s economy more efficient and robust.
Lead finance minister Jeroen Dijsselbloem gave a statement in which he said: “On the basis of a final compliance notice the European finance ministers agreed that the Greek authorities have now completed the first set of milestones and the financial sector measures that are essential for a successful recapitalisation process.
“The agreement paves the way for the formal approval by the Board of Directors on Monday 23rd November of disbursing the €2bn sub-tranche linked to the first set of milestones.”
He added that the agreement would allow the Eurozone’s crisis funds board of directors to transfer “funds needs for the recapitalisation of the Greek banking sector out of the €10bn earmarked for this purpose”.