Euro working group approves disbursement of 1 billion euro loan installment for Greece

Greece's finance ministry says a key body monitoring the country's international bailout has approved the disbursement of the next batch of rescue loans.

The ministry said the Euro Working Group, made up of finance ministry officials from the 18-country eurozone and representatives from the European Commission and European Central Bank approved the installment Friday during a teleconference.

Eurozone finance ministers are expected to formally approve the disbursement of the 1 billion-euro ($1.36 billion) tranche in a meeting in Brussels on Monday.

Greece has relied on international rescue money since May 2010 when it found itself unable to raise funds on bond markets due to a severe financial crisis. In return, it has had to overhaul its economy and impose spending cuts and tax hikes.