Eurogroup approves next bailout tranche for Greece (Barcelona) - After a rather short discussion, compared to the 12 hour talks on the banking union, Eurozone finance ministers gave the green light to the disbursement of the aid for Greece, totaling 49.1 billion euros. 34.4 billion euros will be released in December, while the remaining sum should be payed out by March 2013.

Eurogroup head Jean Claude Juncker and European Commissioner for Economic and Monetary Affairs Olli Rehn assured during the following press conference that Greece has made great efforts to get the bailout program back on track and that the aid should help the country to return to growth and prop up the ailing labor market.

They also recognized Cyprus's progress in implementing reforms, and suggested that the country might also be eligible for a bailout if it continues following this path. Nevertheless, no definite deadline for the decision has been established in this case.

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