Greece will receive nearly €50bn in aid from its international lenders after European finance ministers approved a series of measures aimed at reducing the troubled nation’s debt load.

When quizzed by reports, Greek finance minister Yannis Stournaras said he was happy with the package.

"As far as Greece is concerned, the decision has been taken for the disbursement, so everything is OK.

"I am happy, yes, after a long journey, but this is the beginning of a new one."

Jean-Cluade, Juncker, president of the Eurogroup and Prime Minister of Luxembourg, said that Greece would in total receive 49.1 billion euros, with 34.3 billion of that aid package paid out as early as next week.

"Money will be flowing to Greece as early as next week. Indeed, an immediate disbursement of 34.3 billion euros will be made in December this year."

The agreement ends months of political debate over the sustainability of Greece's public finances amid fears that the country's still-massive debt levels could lead to a messy exit from the Eurozone.

 

Written and presented by Alfred Joyner