(VOVworld) – Eurozone Finance Ministers agreed to grant Greece debt relief in an emergency meeting Monday in Brussels.

Dutch Finance Minister and chair of the eurogroup finance ministers Jeroen Dijsselbloem, right, smiles as he greets Greece's Finance Minister Euclid Tsakalotos during an EU eurogroup meeting at the EU Council building in Brussels on Monday May 9, 2016.  (AP Photo/Geert Vanden Wijngaert)

The ministers hoped that an agreement to disburse a new bailout will be approved at a Eurogroup meeting on May 24^th. The Eurogroup provided some short, medium, and long-term measures to help Greece ease its burden. The short-term measure is improving debt management and reducing costs. The medium-term measure will focus on debt deferment to give Greece time to pay debts. Additional plans will be issued in the long term. The medium and long-term measures will be applied when the current program ends in late 2018.

The meeting reviewed the Greek Congress’s approved reform measures regarding taxes and pensions. Athens hoped those revolutions will help Greece get a new disbursment within the 86-billion-euro bailout that was approved by the IMF and the EU last summer. So far, Greece has received only 21.4 billion euro, while its repayment deadline for the ECB next July 20^th will be 2.2 billion euro.