Jeroen Dijsselbloem

The German government has calculated the cost of the measures easing Greece's debt over the next 10 years at 34 billion euros, though that depends on the course of interest rates, the Frankfurter Allgemeine Zeitung daily reported on Wednesday citing a German Finance Ministry document.

German Chancellor Angela Merkel said on Friday that the effects of Greece's bailout package would not end on the day that the program itself ends.

Eurogroup President Mario Centeno said last week that eurozone countries were set to disburse a final 15-billion-euro bailout loan to Greece in August.

German Chancellor Angela Merkel said on Friday the effects of Greece's bailout package would not end on the day that the program itself ends.

Eurogroup chairman Mario Centeno said last week that eurozone countries were set to disburse a final 15 billion euro ($17.48 billion) bailout loan to Greece in August.

Eurozone countries are set to disburse a final 15 billion euro ($17.5 billion) bailout loan to Greece in August, Eurogroup chairman Mario Centeno said on Thursday.

Centeno told a news conference that the last tranche had been ratified by 18 eurozone countries, with a final decision to be taken as soon as national procedures were concluded in Germany.

Eurogroup President Mario Centeno said on Wednesday that Greece is back on its feet but it must also remain on the path of reforms.

"Greece is ready to stand on its own feet again, with the sound foundations for sustainable, balanced and inclusive growth," he told European Parliament, adding that the agreement reached at the June Eurogroup is key for Greece to achieve that goal.

Further eurozone reform is needed to prevent future economic crises from erupting like they did in Greece, Spain, Italy, Portugal and Ireland, German Chancellor Angela Merkel said on Thursday ahead of a major European Union summit.

The President of the European Central Bank welcomed on Friday a deal reached by eurozone finance ministers on new debt relief for Greece and said the measures will improve the sustainability of the Greek debt "in the medium term".

Eurozone nations were confident Thursday that they could agree on the final elements of a plan to get Greece out of its eight-year bailout program and make its massive debt burden manageable.

Eurozone's finance ministers meeting on Thursday need to hammer out a "credible package" of debt relief for Greece that will make debt sustainable and be convincing for the markets, EU Economics Commissioner Pierre Moscovici said, arriving at the Eurogroup meeting in Luxembourg.

Eurogroup President Mario Centon said on Thursday he is optimistic that eurozone's finance ministers will produce a debt relief package for Greece that will make it sustainable in the future.