Eurozone approves first tranche of Greek bailout funds

Eurozone finance ministers on Wednesday formally approved the first tranche of a new 86 billion euro ($95-billion) bailout for Greece after parliaments in member states backed the move.

"The Board of Governors of the European Stability Mechanism approved today the ESM managing director`s proposal for a financial assistance agreement with Greece," the board said in a statement.

A source close to the matter said Greece will immediately receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due Thursday to the European Central Bank.