Greece's bailout lenders approve big debt relief payout

European Union Finance ministers prepare for a session at the informal meeting of European Union Economic Financial Affairs in Bucharest, Romania, Friday, April 5, 2019. (AP Photo/Vadim Ghirda)

ATHENS, Greece – Greece's bailout creditors have backed a payout worth $1 billion to Greece as part of a debt relief package after the eurozone country carried out a series of reforms.

Mario Centeno, who heads the group of 19 eurozone finance ministers, told reporters after a meeting in Bucharest, Romania, on Friday, that the debt relief measures were worth some 970 million euros ($1 billion) and came mostly from the profits of Greek government bonds held by eurozone central banks.

Greece is keen to qualify for debt relief after years of recession and three successive international bailouts left its national debt at around 180% of gross domestic product.

The government has pushed through reforms including speeding up privatization projects and easing pressure on Greek banks from a huge volume of non-performing loans.