Euro zone members have today formally approved a second, €130 billion financing package for Greece that will keep Athens funded until 2014, Eurogroup chairman Jean-Claude Juncker has said.
"The euro area member states have today formally approved the second adjustment programme for Greece. All required national and parliamentary procedures have been finalised," he said.
Mr Juncker said euro zone governments have also authorised the European Financial Stability Facility to release the first installment of €39.4 billion to Greece under the scheme, which is to be disbursed in several tranches.
The formal completion of the procedure follows political agreement to lend more money to Greece at a meeting of euro zone finance ministers on Monday.
Greek finance minister Evangelos Venizelos told reporters after the meeting that Greece has "fundamental obligations" and must continue to implement its austerity program.
The International Monetary Fund's board is set to vote on its contribution to the Greek package tomorrow in Washington. IMF managing director Christine Lagarde has proposed a €28 billion contribution to the second bailout for Greece.
The agreement caps months of negotiations between Greece, the IMF and euro-area authorities over the successor to an initial 2010 bailout that failed to halt the debt crisis.
To win the new aid package, Greece had to sign on to deep budget cuts and complete the world's largest-ever sovereign-debt restructuring.
Agencies
