London, UK (BBN) – A fresh tranche of money for debt ridden Greece has been approved by the eurozone’s bailout fund.
The amount of 7.5bn euros (£5.9bn; $8.4bn) is scheduled to be paid out early next week, reports BBC.
The money is part of a larger deal agreed on in May but depended on a number of reform conditions to be fulfilled by Athens.
Greece owes its creditors more than €300bn – about 180% of its annual economic output (GDP).
The country is in urgent need of the fresh money from Europe to service two debt payments to the European Central Bank next month.
“This is a welcome breath of oxygen for the Greek economy,” the EU’s top economic affairs official, Pierre Moscovici, said.
The Luxembourg-based European Stability Mechanism (ESM) said it approved the money to be transferred after Greece’s government completed required reforms.
Over the past weeks, the government in Athens pushed through with several reform packages and a plan on long-delayed privatisations.