The Eurogroup finance ministers on Monday agreed to release 1.1 billion euros bailout loans to Greece and decided to delay the release of another 1.7 billion euros until later October because of a "technical issue."

"Important reforms have been undertaken on pensions, energy sector, bank governance, as well as on the setting up of the privatization fund and the revenue agency," said Jeroen Dijsselbloem, president of the Eurogroup, in a press conference in Luxembourg.

The implementation of the milestones allows the European Stability Mechanism (ESM), or the eurozone bailout fund, to approve the disbursement of 1.1 billion euros for Greece's debt servicing.

However, the release of another 1.7-billion-euro loans had to be delayed because of an "unavoidable data-collection" process, which is a "technical issue" and not a political decision, according to officials.

"Once the relevant data for September becomes available and the institutions provide a positive assessment, the ESM Board of Directors is expected to approve the further release of 1.7 billion euros for arrears clearance," said Dijsselbloem. Endit

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