The eurozone’s financial crisis resolution authority has authorized the payment of 7.5 billion euros ($8.4 billion) in bailout funds for Greece, part of a total of 10.2 billion euros ($11.5 billion) it approved for the struggling country over the next few months.
The eurozone’s European Stability Mechanism said Friday it approved the disbursement after Greece’s government completed required reforms, and that the country would use the funds to service its debt and help clear domestic arrears.
Greece will be eligible to receive the remaining 2.8 billion euros after it passes further reforms approved by the country’s creditors.
This is Greece’s third bailout in the past six years. The country has been dependent on international rescue loans since 2010, when its economy collapsed after years of mismanagement and overspending.