The head of euro-zone finance ministers says Greece has successfully initiated all the reforms in the a first package of measures agreed with euro-zone creditors, which paves the way for Athens to get the next tranche of loans.
Greece is getting very cheap loans form the euro-zone bailout fund ESM under its third bailout agreement in exchange for putting its public finances in order and reforming the economy to make it more efficient and competitive.
Euro-zone deputy finance ministers (EWG) reviewed on Saturday the progress made by Athens in the reforms.
"On the basis of a final compliance notice... the EWG agreed that the Greek authorities have now completed the first set of milestones and the financial sector measures that are essential for a successful recapitalization process," Jeroen Dijsselbloem said.
He added that it will also enable the ESM to make case-by-case decisions to transfer money to Greece for the recapitalization of the Greek banking sector.
The ESM already has 10 billion euro earmarked for this recapitalization and the capital needs of Greek banks from the euro-zone are estimated at between six and nine billion.
