Eurozone finance ministers predicted that Greece would get the loan installment by July 15 and will begin work on a second bailout for the country's ailing economy.
The ministers signed off their portion of the $17.39 billion loan tranche during a conference call made Saturday evening. The International Monetary Fund is expected to approve their chunk of the loan next week.
The ministers restated their intention to continue supporting Greece beyond the loan package granted last year, but decided to withhold a decision on the final details of the aid plan until the role of other banks and private creditors had been figured out.
"The precise modalities and scale of private sector involvement and additional funding from official sources will be determined in the coming weeks, " the ministers said, according to the Associated Press.
Delivery of the loan package was contingent on the passing of Greece's controversial austerity package, which caused riots when it was passed earlier this week by the country's Parliament. Should the legislature have failed to pass the package, the IMF and Eurozone bodies would have withheld payment and Greece would have defaulted on its debts, a move that would have destabilized the international finance market and plunged the international community into another recession.
