Greece has fulfilled all the necessary measures to receive a new slice of bailout money from its international creditors.

The progress was announced following a meeting of the board of governors

of the European Stability Mechanism in Luxembourg.

Pierre Moscovici the European Commissioner for Economic and Financial Affairs made the announcement:“Huge progress has been achieved. And this is why I’m so happy that we could, a few minutes ago, decide in the board of governors of the ESM the disbursement of 7.5 billion euros for Greece. And I think this will really bring oxygen to the Greek economy. That’s what we expect, that’s what we want”.

Marking successful end of the 1st review of Greece's ESM programme w/ Euclid Tsakalotos. A good moment for #Greecepic.twitter.com/itbAtoFS5o — Pierre Moscovici (@pierremoscovici) June 16, 2016

The decision on the transfer of funds to Greece will be made by the Board of Directors of the European Stability Mechanism on Friday ahead of the ECOFIN Council.