Finance ministers of the euro area met in Brussels Monday and discussed the 18-member bloc's growth potential, the process of Lithuania's accession to the euro area and Greece's economic adjustment programme.
"Increasing the growth potential of the euro area is the main point on our agenda in the coming period. In our last meeting we agreed to start a new process of coordination of structural reforms where the Eurogroup can act as a driver," President of the Eurogroup, Jeroen Dijsselbloem, told a news conference this evening.
On his part, Siim Kallas, EU Commissioner for Economic and Monetary Affairs, told the joint press conference that Greece will receive another bailout of one billion euro by the end of the week after it has made progress on its economic reform agenda.
Klaus Regling, Managing Director of the European Stability Mechanism (ESM), told the same press conference that with this one billion euro disbursement, there is now 2.1 billion euro still left in the pipeline for Greece.
One billion euro of that could be disbursed in August but that depends on the next set of economic conditions being met, he added.
On Cyprus, the ESM decided to release 600 million euro in financial assistance and this disbursement will be made later this week, he added.
The ESM is a fund created by the EU to help Eurozone countries which face economic and financial problems.