The finance ministers of the Eurozone member nations have agreed to release a fresh batch of aid for the troubled Greek economy in order to help the country recover from its prolonged crisis.

The Eurozone finance ministers have given their approval to fresh aide on the condition that the country goes ahead with the needed reforms to the economy. The group of ministers, who are meeting ahead of their summer break, agreed to release 6.8 billion Euros in fresh aid to Greece. The entire amount will not be handed out to the country together but will be given in instalments subject to the country meeting certain conditions.

"The Eurogroup commends the authorities for their continued commitment to implement the required reforms that have already led to a significant improvement of cost competitiveness, an impressive strengthening of the fiscal position and a more resilient banking sector," the group said in a statement read out by its head, Jeroen Dijsselbloem, who is the Finance Minister of the Netherlands.

He also said that the group of ministers also appreciate the efforts shown by the Greek people in the times of economic difficulties. He also pointed out that it is important to continue to work further to implement the steps to be taken for the fresh batch of aid.