The European Commission is expected to confirm the loan this Friday July 17, 2015.

Eurozone Finance Ministers have agreed to give Greece a 7 billion Euros "bridge" loan from an EU-wide fund to keep its finances afloat until a bailout worth 86 billion Euros is approved. The decision was taken during their meeting on July 16, 2015, BBC reported. The European Commission is expected to confirm the loan this Friday, July 17, 2015 when it will be voted in the European Union Council.

The decision came on the heels of the vote by the Greek Parliament to pass the reforms on the bailout agreement the country signed with Eurozone leaders on July 13, 2015 in Brussels. The “bridge” loan is one of the immediate fallouts of the vote in the Greek Parliament. One precondition and major step for the materialization of the bailout agreement of was that the Greek Parliament pass the reforms proposed after which more detailed talks would be engaged. 

Parliament respected the Wednesday, July 15, 2015 deadline and voted in favour of the reforms by 229 votes for and 64 against, BBC reported. The vote in the early hours of July 16, 2015 approved the Value Added Tax (VAT) changes including a top rate of 23 per cent to take place in processed food and restoration, 13 per cent rate to cover fresh food, energy bills, water and hotel stays and 6 per cent rate for medicines and books, BBC specified. 

Other aspects of the reforms passed were an increase in corporation tax from 26 per cent to 29 per cent for small companies; an increase in luxury taxes on big cars, boats and swimming pools; as well as  an end to early retirement by 2022, increasing the retirement age to 67. With the reforms passed in Parliament, the European Central Bank will also later consider easing funding squeeze on Greek banks, allowing them to reopen.