According to EC spokesperson Simon O'Connor, deputy finance ministers of the 17-country euro zone approved the unlocking of aid funds to Greece in a meeting, reported an agency on Friday.

"With the provision that national approval procedures are completed, which we expect to happen by Monday, the disbursement can take place," he said during a news conference. Under current plans, Athens is to receive an additional 1.8 billion euros from the International Monetary Fund in August and a further 1 billion euros from its European counterparts in October.

European Commission, the executive body of 28-member European Union (EU), is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and day-to-day running of the EU.

(Agencies)

Latest News  from Business News Desk