Eurozone finance ministers expected to approve Greek bailout today

Finance ministers from the 17 euro zone countries are expected to sign off a second bailout deal for Greece, at a crucial meeting today, as the debt-laden nation fulfilled more conditions set by the EU and the International Monetary Fund for receiving assistance.

European governments have welcomed the decision of the Greek government to allow greater oversight of its state revenue and spending by the EU and the IMF, which until now it had opposed vigorously as an ''interference in its internal affairs''.

The Greek cabinet, at an emergency meeting, also approved a series of legislations for the implementation of the latest austerity measures passed by parliament last Sunday. This is meant to convince its EU partners and the IMF ahead of today's meeting in Brussels that it was determined to fulfill its commitments to secure the €130 billion bailout package.

Greece is desperately in need of the assistance from the EU and the IMF to avoid a default on the repayment of €14.5 billion debt due on 20 March.

German finance minister Wolfgang Schaeuble expressed optimism that the finance ministers of the 17 nations using the common currency would finally clear the way for the release of the second bailout, which was offered in October, last year.

He said in a newspaper interview that if Greece implemented all necessary commitments and reforms till the end of February and cleared the remaining questions, then the second aid package could be released.