European Union flag, left, alongside Greek flag, Parthenon temple in Athens, April 11, 2011 (file photo).
European Union flag, left, alongside Greek flag, Parthenon temple in Athens, April 11, 2011 (file photo).

Eurozone finance ministers have cleared the way for Greece to receive a $17-billion installment by July 15, which is part of the $156-billion bailout for the debt-ridden country secured last year from the European Union and the International Monetary Fund.

Following a late Saturday teleconference, the ministers said they will also determine the details of Greece's request for a second bailout of about the same size as last year's, including the scale of private sector participation.  However, they are not expected to take action on the new bailout until later this year.

Officials said the $17 billion would be enough for Greece to pay its bills through the next few months.  

The eurozone approved the $17 billion installment after the Greek parliament adopted an austerity plan earlier this week to increase taxes, cut spending and sell state-owned assets.