Eurozone grants new loan to Greece and work on debt relief measures

Greece on track to exit bailout programme after receiving EU approval

Greece on track to exit bailout programme after receiving EU approval

Before the money is handed over however, the decision will first have to pass through the parliaments of individual eurozone states.

"We are expecting the completion of national procedures and then the Board of Directors will make the final decision on the disbursement of the tranche before the end of the month", said European Stability Mechanism President, Klaus Regling.

Among options under consideration in Brussels are support measures that could run into tens of billions of euros and help ease servicing costs on a public debt pile that, in terms of economic output, is among the biggest in the world.

Eurozone finance ministers decided on Monday that the third review of Greece's bailout program is concluded and the €5.7 billion sub-tranche is to be disbursed by the end of March.

Greece is already showing signs of improvement, with the economy growing by 1.6 per cent in 2017, with further growth of 2.5 per cent forecast by the European Commission for this year and 2019 respectively.

Another option could involve the return of profits made by the European Central Bank on Greek bonds.

To successfully exit the programme, a fourth review of 88 "deliverables" must be completed before August.

Economic affairs commissioner Pierre Moscovici warned that the fourth programme remained hard, involving 88 more reforms, but he expressed confidence that Greece would get it over the line.

Both options would come with conditions linked to reforms, and could see increased supervision by European Union institutions after the bailout ends.

They include new privatizations and reform of the gas and electricity markets, which he said were preconditions to granting Greece new debt relief.

Other more substantial measures will be discussed at the next meeting of finance ministers next month, Centeno said.