Greece is breathing a bit easier from its debt repayment plan. Eurozone finance ministers have agreed to extend the maturities of Greek debt as well as tacking on cash to make sure Athens can stand on its own feet after it exits its bailout in August.

Eurozone officials are satisfied with the economic reform progress in Greece. It is giving Athens a debt relief and a cash boost as Greece is graduating from the current bailout program in August. But in order to justify the lending again, investors want to make sure that the country will not collapse under the weight of servicing a debt of 180 percent of its GDP.

MARIO CENTENO EUROGROUP PRESIDENT "Today the institutions confirm Greece has implemented all the 88 prior actions under the fourth and final review. This shows Greece has successfully completed its ESM programme. This is it, we have managed to deliver a soft landing of this long and difficult adjustment. There will be no follow up programme in Greece."

Greece has been living primarily on money borrowed from eurozone governments in the three bailouts since 2010. The bailouts came after Greece's economy plunged with a ballooning budget deficit, huge public debt and an inefficient welfare system. Hundreds of reforms requested by the country's creditors were already completed. That earned Athens an extension of maturities and grace periods on 96.9 billion euros of its loans. Greece will also get a 15 billion euro new loan, which will take the total cash buffer to 24.1 billion. This will give the country independence for market borrowing for 22 months.

GREEK FINANCE MINISTER EUCLID TSAKALOTOS "I have to say that the Greek government is happy with this deal. We consider that the debt is now viable, that we can now have access to the markets, that we can exit the crisis, with the observance and the continuation of certain reforms, but at the same time, this government, never forgets and will never forget what the Greek people went through these past eight years."

To provide an incentive for Athens not to reverse the hard-won reforms, eurozone ministers agreed to offer Greece cash payments of 600 million euros every six months until 2022 if the country sticks to the economic course agreed with creditors. XC CGTN