After going through brainstorming discussions, eurozone finance ministers and the International Monetary Fund decided to provide 44bn euros to Greece. The amount, which yet has to be received, is said to be the latest tranche in the bailout funds that are vital to run the economy.

In addition, it has also been announced by the ministers that have cut Greece's debt by 40bn euros. It seems that things will improve a bit in Greece, which has been waiting for the latest round of money since June.

Greece said that the money will help them pay back its debt as well as help them support the nation's banks. Experts said that a number of meetings have taken place between the ECB, the European Commission and the IMF, which jointly decided to provide 240bn euros in the form of rescue loan to Greece.

Out of the above mentioned amount, they have given around 150bn euros to Greece. In return, Greece said that it will make all the possible measures to save money. Since then, it has indulged into tough austerity measures, which have led to severe economic contraction. This is the reason that economy will witness a decline by the end of 2012.