The Eurozone finance ministers approved an €8 billion (approximately $10.7 billion) bailout loan for Greece, reported the Associated Press Tuesday.

Without the loan, Greece was expected to have been in default before Christmas this year.

The €8 billion installment is part of a larger €110 billion ($150 billion) bailout package that the IMF and European Union had already pledged for Greece since May 2010 in an effort to keep the country from going bankrupt. This payment is the sixth IMF/EU installment and was dependent on a written austerity commitment from Greece that it would meet obligations to cut its budget deficit.

The payment was delayed due to questions over Greece's commitment to increasing taxes and cutting spending.