(MENAFN- AFP) Eurozone finance ministers approved Tuesday an aid payment of one billion euros for twice-bailed out Greece, after Athens made good on promises to reform its economy.
"I note with satisfaction that Greece has achieved the four milestones agreed" with its international creditors, Eurogroup President Jeroen Dijsselbloem said.
Among the series of reforms carried out by Athens was the redeployment of 12,500 civil servants to make the public service more efficient, a scheme which sparked mass protests in Greece.
Those placed on the scheme were required to accept new posts or spend eight months on reduced salaries to find alternative work, with the risk of losing their jobs altogether.
Other reforms required by the troika of creditors -- the European Union, European Central Bank and International Monetary Fund -- in exchange for aid included measures to restructure or close three state-owned companies.
Greek Finance Minister Yannis Stournaras had warned late Monday that the troika may not agree to release the funds, which has been pending since June, as negotiators were unable to find an agreement on the future of heavily indebted armed manufacturer Hellenic Defence Systems (EAS).
The other two state entities under review were state mining company LARKO and truck manufacturer ELV.
Greece has been mired in recession for six straight years but its central bank and government expects it to post growth in 2014.
The troika has pledged 240 billion euros in bailout funds since 2010 to Greece, but on tough austerity conditions, and also agreed an unprecedented debt write-down of some 100 billion euros.
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