(VOVworld) - The euro zone will send Greece 1 billion euros this week as part of its international bailout program. Financial ministers of eurozone countries made the decision at a Tuesday meeting in Brussels after months of negotiations between Greece and a group of 3 lenders: the European Union, the International Monetary Fund (IMF) and the European Central Bank (ECB).

Many shops are closed in Athens due the country's economic crisis. Photo: Reuters

The Head of the Eurogroup, Jeroen Dijsselbloem, who chairs the meetings of euro zone finance ministers, said Greece had taken the necessary qualifying steps by modernizing its public sector, overhauling its legal system and paving the way for the privatization of two water companies.
Half of this financial aid package will be disbursed this week through the European Financial Stability Facility (EFSF). This sum of money will be spent on easing Greece’s immediate financial needs. The EFSF pledged to give Greece another 10.2 billion euros. The remaining sum of money, equivalent to the interest the eurozone central banks get from Greek bonds, will be transferred to Greece this week through the European Stability Mechanism (ESM). Dijsselbloem expressed his hope that Greek leaders and the three lenders will soon finish their discussions on Greece’s economic reforms.