Eurozone finance ministers agreed to give Greece the next installment of its bailout loan, totaling about $57.8 billion. Greece will soon enter its sixth year of recession.
Greece is on its way to getting the next installment of its much-needed bailout loans after finance ministers from the 17 European Union countries that use the euro agreed on a program to reduce the country's debt.
The first disbursement will take place Dec. 13, said Jean-Claude Juncker, head of the eurogroup of finance ministers, which made the decision early Tuesday.
Mario Draghi, President of the European Central Bank, welcomed the agreement.
"It will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece," Draghi said.
This was the third time in the last two weeks that finance ministers from the eurozone had tried to hammer out a deal on the next installment of bailout money — some €44.6 billion ($57.8 billion).