EU to release 8bn euro of bailout tranche to Greece

Finance ministers of the 17-member Eurozone have approved the disbursement to Greece of the next instalment of 8 billion euro from the 110 billion bailout loan that the country got last year from the EU and the International Monetary Fund."The disbursement will take place once the IMF executive board has taken its decision in the beginning of December. Funds will be made available by mid December," Eurogroup President Jean-Claude Juncker told a late night press conference Tuesday.Juncker said he will write to the Greek Prime Minister to welcome the commitment of the Greek government and of the political parties supporting to implement the decisions of Euro Summit of the 26th and 27th of October related with the austerity programme.The ministers also discussed ways to increase the firepower of the EU bailout fund called the European Financial Stability Facility.Juncker said "important progress" has been made but gave no details on the increase of the amount for the EFSF.Meanwhile, finance ministers of the 27-member EU begin a meeting here today to discuss the debt crisis in Europe.