Eurozone approves 2.8b euros in bailout funds for Greece

Luxembourg

EUROZONE officials announced on Tuesday they have approved 2.8 billion euros (S$4.2 billion) for Greece from its huge third bailout after the cash-strapped nation delivered the needed reforms.

Following the latest disbursement approved by the European Stability Mechanism (ESM), Greece will have received 31.7 billion euros of the 86-billion-euro bailout granted in July 2015, its third since being engulfed by debt in 2010.

"Today's decision to disburse 2.8 billion euros to Greece is a sign that the Greek people are steadily making progress in reforming their country," the ESM's managing director Klaus Regling said. An ESM s…