Eurogroup agrees release of 9.2bln-euro January tranche for Greece

The Eurogroup has approved the release of a further 9.2 billion euros in bailout funding for Greece following Monday’s meeting in Brussels.

In his last appearance as head of the Eurogroup, Jean-Claude Juncker said Greece has met the requirements for January and that eurozone finance ministers would recommend to the European Financial Stability Facility to release the funding.

“It is with satisfaction that we note all the prior actions for January were completed,” said Juncker.

“In particular, an income tax reform has been adopted and end-user electricity prices for low-voltage customers as well as the levy on renewable energy sources have been adjusted,” the ministers said in a statement.

“We welcome the commitment of the government to adopt a simplification of the income tax code by spring.”

Of the 9.2 billion to be received by Athens, 7 billion euros will go towards covering bank recapitalization and resolution costs.

In his last comment as Eurogroup chief, Juncker stressed the need for the eurozone to protect its periphery members.

"I have great admiration and love for Greece and great admiration for Ireland and Portugal," he said. "I hope those countries will get recompense."