Eurozone Ministers Approve Greece's $10B Bailout Loan

Eurozone ministers approved a $10 billion bailout loan to aid Greece.

The installment is part of a $150 billion bailout from Eurozone nations and the International Monetary Fund that Greece has been dependent upon since May 2010.

According to The Associated Press, the Eurozone ministers threw a lifeline to Greece on Tuesday as they scrambled to prevent financial chaos from spreading further and driving Europe's common euro currency into a catastrophic breakup.

"It's done," said a European Union diplomat to Aljazeera after ministers from the 16 Eurozone states accepted that all conditions imposed on Athens-since the monies were first frozen in August-had now been met.

The Eurozone held the funds since August as it waited for Greece to commit to economic reforms.

Without the $10 billion loan, Greece would have defaulted on its financial obligations before Christmas and been unable to pay salaries and pensions for its citizens.

Germany, Europe’s biggest economy, who has plenty of influence –and money-in the bail out were especially looking for the Greek government to meet certain conditions.

German Chancellor Angela Merkel insisted Wednesday that Greece can only receive its next vital batch of bailout loans if Greek coalition parties commit in writing to a separate international aid package, ensuring support for painful austerity measures tied to the money, the AP reports.

The aid was released after the leaders of the three main political parties, including the once reluctant conservative chief Antonis Samaras, sent written pledges confirming their support of reforms as demanded by eurozone partners.

Evangelos Venizelos, Greece's finance minister, said Athens met "all the necessary conditions" to get the loan funds.

"We have the necessary political consensus, we have the necessary national unity and also the national commitment and determination to go ahead," he told reporters.

"We are also ready to contribute in this very important discussion for the future of the Eurozone, for a strong Eurozone which is capable to react and send very clear messages to the markets,” Venizelos added.