Eurogroup approves delayed funds for Greece

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Eurogroup approves delayed funds for Greece

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European finance ministers have agreed to release the next instalment of Greece’s much-needed loan.

This next payment of 34.4 billion euros had been delayed since June.

The Eurogroup had been expected to release the funds, after German Chancellor Angela Merkel praised Athens for its debt reduction efforts.

Greek Finance Minister Yannis Stournaras received the news with relief.

“This is a good day today. At last after so many months, but we had to try. I am happy after a long journey, but this is the beginning of the new one,” he said.

Between now and March, Greece will have received 49.1 billion euros of the 109 billion euro aid package agreed, as the latest figures show unemployment in the country at 24.8 percent.