Creditors agree to unblock first tranche of aid to Greece

Greek Finance Minister Euclid Tsakalotos says Athens has reached an agreement with its international creditors to unblock some 12 billion euros (12.8 billion dollars) in bailout loans.

Tsakalotos made the announcement on Tuesday, adding that Greece is expecting to receive the fund by Friday.

The new agreement would free up a 2-billion-euro (2.15-billion-dollar) tranche of aid and another 10 billion (USD 10.7 billion) to help recapitalize four main Greek banks.

The planned payment will be the initial tranche of the 86-billion-euro (93-billion-dollar) financial aid that Athens is set to receive from its creditors – the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF) – under a bailout deal they reached earlier this year.