Greece have managed to secure €7.5 billion in bailout loans, having fulfilled its pledges for economic reform.
According to a report by Kathimerini, the loan approval was announced on Thursday following talks in Luxembourg, with the funds set to be released early next week.
The agreement also saw the restoration of a waiver to ensure the prevention of Greek banks accessing cheap liquidity from the European Central Bank (ECB).
“This is a welcome breath of oxygen for the Greek economy,” said European Economic and Monetary Affairs Commissioner, Pierre Moscovici.
One thing is for certain, the Greek leaders would have breathed a sigh of relief, receiving the fund approval in time for the capital to meet its July debt repayments to the ECB and International Monetary Fund, with €1.8 billion already allocated to paying suppliers for some of the country’s debt.
Optimistic about their progress, Prime Minister Alexis Tsipras expressed that this was a step in the right direction, allowing the government to focus on the development of economic growth policies.
“A cycle is ending for the country,” said Mr Tsipras, highlighting that it is the first time in six years that Greece is entering “a stable macroeconomic, fiscal and investment environment.”