Funds for Greece approved by European bailout fund

European bailout fund supervisors have approved the release of billions of euros to help rebuild Greece’s devastated economy just as a new debt payment looms.

The European Stability Mechanism board said that it "will provide up to 86 billion euro in financial assistance to Greece over three years".

The move came after Germany’s parliament approved the bailout package, removing a big hurdle to release the new loans.

A first tranche of 26 billion euro can now be made available to meet Greece’s debts and help recapitalise its banks.

Greece is due to make a new debt payment to the European Central Bank on Thursday.