Greece approved for £2.5BILLION eurozone bailout funds
DEBT-LADEN Greece has had another round of bailout funds approved by the eurozone, after implementing reforms demanded by its creditors.
Greek prime minister Alexis Tsipras
Athens is set to receive €2.8billion (£2.49bn) of cash, which is set to be used to pay debts and pay off arrears, accoridng to CNBC.
Around €1.7bn of the sum is to be used to pay overdue payments to domestic contractors, while another €1.1bn is to be used for debt servicing.
The cash is part of the the €86bn bailout that was agreed last August, when Greece almost crashed out of eurozone as a result of its debt crisis.
The eurozone approval for the release of the latest funds, comes after eurozone finance ministers caried out a first review of Greece's bailout and agreed that Athens had successfully carried out reforms that were part of the bailout conditions.Greece almost left the eurozone last summer over its debt crisis
The Greek government is now hoping its creditors - the European Commission (EC), International Monetary Fund (IMF) and European Central Bank (ECB) - will agree to reduce its debts.
Greece owes an eye-watering €300billion (£267bn), around 180 per cent of its its 2015 GDP.
Eurozone countries have agreed to restructure debts, but officially not until 2018.
Greece has delivered reforms for bailout payout: EU's Moscovici
However, in the past the IMF has signalled the Mediterranean state should have its debts cut before it takes part in any further bailout of Greece.
But Germany is against writing off money owed by Greece.
It's thought the clash between the two creditors could become an issue during the second review of Greece's bailout, which is hoped to conclude by the end of the year.