Jean-Claude Juncker, who chairs the meetings of the Eurogroup of euro zone finance ministers said in a statement on Wednesday that the euro area nations formally approved the second bailout for Greece after the finance ministers informally endorsed it earlier this week on Monday.

After Greece completed the bond swap deal the finance ministers on Monday signed off on the second 130 billion euro bailout for Greece. Juncker said that all required national and parliamentary procedures have been finalized and also stated that the member states have authorized the EFSF to release the first installment for a total amount of 39.4 billion euros, which will be disbursed in several tranches.